Intelligent power management company Eaton today announced it has signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. Boyd Thermal is a leader in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets. Under the terms of the agreement, Eaton will pay $9.5 billion, which represents 22.5 times Boyd Thermal's estimated adjusted EBITDA for 2026. Boyd Thermal has forecasted sales of $1.7 billion for 2026, of which $1.5 billion is in liquid cooling.

“Bringing together Boyd Thermal's highly-engineered liquid cooling technology and global service model with Eaton's existing products and scale will provide enhanced value to customers,” said Paulo Ruiz, Eaton chief executive officer. “In data centers particularly, our combined expertise in both power and liquid cooling from the chip to the grid will enable customers to manage increasing power demands more effectively.”

“We are looking forward to joining forces with Eaton. Our decades of expertise in liquid cooling, combined with Eaton's premier positioning in intelligent power management, will deliver innovation in scaling and efficiency to address the high-power demand of AI data centers,” said Doug Britt, chief executive officer, Boyd Thermal. “Together, our teams will offer a winning value proposition for our customers.”

Boyd Thermal is a global business based in the U.S., with more than 5,000 employees and manufacturing sites across North America, Asia and Europe. With its decades-long history starting as an aerospace thermal management supplier, today Boyd's thermal business serves data center, industrial, aerospace and other markets. Eaton expects Boyd Thermal to be accretive to adjusted earnings in year two after closing.

The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2026.

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and generations to come.

Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries.