The synthesis of the first acetaldiimine cobalt complex and its full characterisation are reported. The nitrogen‐bonded chelate complex [CoI2{((CH3CH2)(CH3)C=NO)2C(CH3)2}] is obtained in high yield from the reaction of 2‐butanone oxime with cobalt iodide dihydrate in acetone, in the presence of trimethyl orthoformate as dehydrating agent. A single‐crystal X‐ray structure determination, infrared spectroscopy and mass spectrometry analyses confirm the formation of a new ligand in situ from the addition of an acetone molecule to two oximato species. This cobalt‐mediated reaction provides an indirect proof for the existence in solution of monodentate N‐bonded cobalt−ketoxime species.