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Eaton has signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management for $9.5 billion, marking a significant expansion of its data center solutions portfolio.

The acquisition brings Boyd Thermal’s specialized liquid cooling technology and global service footprint under Eaton’s management, aiming to offer end-to-end solutions “from the chip to the grid” for hyperscale and colocation customers. Boyd Thermal is forecasted to generate $1.7 billion in sales for 2026, with $1.5 billion derived from liquid cooling.

Paulo Ruiz, Eaton’s CEO, said the combination of Eaton’s power management expertise and Boyd Thermal’s cooling solutions will help customers address rising power demands in data centers. Doug Britt, CEO of Boyd Thermal, highlighted the partnership’s potential to innovate in scaling and efficiency, particularly for AI-focused facilities.

Boyd Thermal, based in the U.S., employs over 5,000 staff and operates manufacturing sites in North America, Europe, and Asia. Eaton expects the acquisition to be accretive to adjusted earnings by the second year post-closing.

The deal, subject to regulatory approval and customary closing conditions, is expected to finalize in the second quarter of 2026.

 

Source: eaton.com