Power management solutions company Eaton has signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management.
Boyd Thermal, headquartered in Pleasanton, CA, manufactures thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets. Eaton will pay $9.5 billion, which represents 22.5x 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,” Eaton CEO Paulo Ruiz said in a Nov. 3 news release. “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.”
Read the full release here.
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