First, find the properties of the given ellipse: $\frac{x^2}{25} + \frac{y^2}{16} = 1$.
$a_e^2 = 25 \implies a_e = 5$.
$b_e^2 = 16 \implies b_e = 4$.
The distance from the center to the focus, $c_e$, is given by $c_e^2 = a_e^2 - b_e^2 = 25 - 16 = 9$, so $c_e = 3$.
The foci of the ellipse are at $(\pm c_e, 0) = (\pm 3, 0)$.
The eccentricity of the ellipse is $e_e = \frac{c_e}{a_e} = \frac{3}{5}$.
Now, for the hyperbola, its transverse axis is the x-axis, so its equation is of the form $\frac{x^2}{a_h^2} - \frac{y^2}{b_h^2} = 1$.
The hyperbola passes through the foci of the ellipse, $(\pm 3, 0)$. Since these points are on the transverse axis, they must be the vertices of the hyperbola.
Therefore, the vertex of the hyperbola is at $(\pm a_h, 0) = (\pm 3, 0)$, which gives $a_h = 3$.
We are given that the product of their eccentricities is 1: $e_e \cdot e_h = 1$.
$\frac{3}{5} \cdot e_h = 1 \implies e_h = \frac{5}{3}$.
For a hyperbola, the eccentricity is related to its semi-axes by $e_h^2 = 1 + \frac{b_h^2}{a_h^2}$.
Substituting the values we found:
$\left(\frac{5}{3}\right)^2 = 1 + \frac{b_h^2}{3^2}$.
$\frac{25}{9} = 1 + \frac{b_h^2}{9}$.
$\frac{b_h^2}{9} = \frac{25}{9} - 1 = \frac{16}{9}$.
$b_h^2 = 16$.
The equation of the hyperbola is $\frac{x^2}{a_h^2} - \frac{y^2}{b_h^2} = 1$, which is $\frac{x^2}{9} - \frac{y^2}{16} = 1$.