Eaton to acquire Boyd Thermal for $9.5B

Eaton (ETN) announced it has signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management (GS). 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 $9.5B, which represents 22.5 times Boyd Thermal’s estimated adjusted EBITDA for 2026. Boyd Thermal has forecasted sales of $1.7B for 2026, of which $1.5B is in liquid cooling. 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. 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.