Intelligent power management company Eaton has announced an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management for $9.5 billion. The acquisition will significantly strengthen Eaton’s position in the global data center and aerospace markets by adding Boyd Thermal’s advanced liquid cooling technologies and technical expertise to Eaton’s existing power management portfolio.
The transaction, expected to close in the second quarter of 2026 pending regulatory approvals and customary conditions, values Boyd Thermal at 22.5 times its projected 2026 adjusted EBITDA. Boyd Thermal anticipates 2026 sales of $1.7 billion, with $1.5 billion of that derived from its liquid cooling solutions, a critical technology for meeting the increasing power requirements of hyperscale and AI data centers.
Boyd Thermal, based in the United States, employs more than 5,000 people across North America, Asia, and Europe. The company began as an aerospace thermal management supplier and now serves data centers, industrial markets, and other high-performance sectors. The acquisition will also augment Eaton’s aerospace division with advanced thermal capabilities.
Combining its intelligent power management solutions with Boyd Thermal’s cooling technology will provide a comprehensive end-to-end offering that supports hyperscale and colocation customers “from the chip to the grid.” And the company expects the transaction to be accretive to adjusted earnings in the second year following closing.
Eaton continues to capitalize on the global shift toward electrification and digitalization. With nearly $25 billion in revenue in 2024 and operations in over 160 countries, Eaton serves customers across data center, utility, industrial, commercial, residential, aerospace, and mobility markets. And the company remains guided by its mission to help customers manage power safely, sustainably, and efficiently.
KEY QUOTES:
“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. 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.”
Paulo Ruiz, Chief Executive Officer, Eaton
“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. Together, our teams will offer a winning value proposition for our customers.”
Doug Britt, Chief Executive Officer, Boyd Thermal
