Intelligent power management company Eaton announced it has signed an agreement to acquire Boyd Thermal, the Boyd Corporation business, from Goldman Sachs Asset Management for USD 9.5 billion. The acquisition represents 22.5 times Boyd Thermal's estimated adjusted EBITDA for 2026 and is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.

Strategic Expansion into Liquid Cooling Technology

Boyd Thermal is a leader in thermal components, systems, and ruggedized solutions for data centers, aerospace, and other end markets. The company has forecasted sales of USD 1.7 billion for 2026, of which USD 1.5 billion is in liquid cooling technology. This acquisition will expand Eaton's existing data center portfolio, offering a global solution to serve hyperscale and colocation customers from the chip to the grid.

Paulo Ruiz, Eaton's chief executive officer, stated that 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, the combined expertise in both power and liquid cooling, from the chip to the grid, will enable customers to manage increasing power demands more effectively.

Boyd Thermal's Global Operations and Market Position

Boyd Thermal operates as a global business based in the United States, employing more than 5,000 people across manufacturing sites in North America, Asia, and Europe. The company has a decades-long history, beginning as an aerospace thermal management supplier. Today, Boyd's thermal business serves data center, industrial, aerospace and other markets, bringing proven, differentiated liquid cooling technology for increased power requirements, established customer relationships and a global footprint.

Doug Britt, chief executive officer of Boyd Thermal, expressed enthusiasm about joining forces with Eaton. He noted that their 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, the teams will offer a winning value proposition for customers.

Financial Impact and Timeline

Eaton expects Boyd Thermal to be accretive to adjusted earnings in year two after closing. The transaction is subject to customary closing conditions and regulatory approvals, with completion anticipated in the second quarter of 2026. The acquisition further augments Eaton's aerospace solutions with critical technical capabilities, while expanding its data center solutions to include critical liquid-cooling technology.

Company Background

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. The company makes products for the data center, utility, industrial, commercial, machine building, residential, aerospace, and mobility markets. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of stakeholders.

With 2024 revenues of nearly USD 25 billion, Eaton serves customers in more than 160 countries. The company is guided by its commitment to doing business right, operating sustainably, and helping customers manage power today and well into the future. By capitalizing on global trends toward electrification and digitalization, Eaton is working to solve the world's most urgent power management challenges and build a more sustainable society for people today and future generations.

Connect with Decision-makers about the Latest Data Center Facility Projects Around the World for business Opportunities.

Subscribe to our database on Data Center Facility Projects and Tenders Around the World to get access to reliable and high-quality insights on upcoming, under-construction, and completed Data Center Facility Projects across the world or in your desired geographical location.

Our user-friendly platform provides essential details, timely updates, key stakeholder contact information, and business opportunities tailored for engineering companies, industry professionals, investors, and government agencies.