Eaton to acquire Boyd Thermal from Goldman Sachs Asset Management for $9.5 billion

Eaton signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management for $9.5 billion, announced November 3, 2025. Boyd Thermal makes liquid cooling and thermal components for data centers and aerospace.

“Under the terms of the agreement, Eaton will pay $9.5 billion, which represents 22.5 times Boyd Thermal's estimated adjusted EBITDA for 2026.”eaton.com

• 1 source
• eaton.comEaton signs agreement to acquire Boyd Thermal, expanding solutions for data center customers to include critical liquid cooling technologyNov 3, 2025

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