# 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.

- Type: Acquisition
- Announced: 2025-11-03
- Value: $9.50B
- Status: announced
- Products: liquid cooling systems, thermal components, ruggedized thermal solutions
- Sectors: [Electrical Equipment](https://endata.com/sectors/electrical-equipment.md), [HVAC and Industrial Refrigeration](https://endata.com/sectors/hvac-refrigeration.md)

## Companies

- [Eaton](https://endata.com/companies/2829.md) (acquirer)
- [Boyd Thermal](https://endata.com/companies/13663.md) (target)
- [Goldman Sachs Asset Management](https://endata.com/companies/13664.md) (partner)

## Sources

- [eaton.com](https://www.eaton.com/us/en-us/company/news-insights/news-releases/2025/eaton-signs-agreement-to-acquire-boyd-thermal--expanding-solutio.html), 2025-11-03: "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."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.