Eaton to Acquire Boyd Thermal: Solving the Data Center Heat Crisis

by Prathik Jayaprakash

Intelligent power management leader Eaton announced today that it has signed a definitive agreement to acquire Boyd Thermal, a business unit of Boyd Corporation, from Goldman Sachs Asset Management. Boyd Thermal is a premier provider of advanced thermal components and systems, specializing in liquid cooling for data centers, aerospace, and high-performance industrial markets.

Under the terms of the agreement, Eaton will acquire Boyd Thermal for $9.5 billion. The business is projected to generate $1.7 billion in sales for 2026, with approximately $1.5 billion of that revenue attributed specifically to liquid cooling technology.

“Combining Boyd Thermal’s high-performance liquid cooling technology with Eaton’s global service model and electrical scale will deliver immense value to our customers,” said Paulo Ruiz, Eaton Chief Executive Officer. “As AI-driven power demands surge, our combined expertise—spanning everything from the chip to the grid—will allow data center operators to manage their infrastructure with unprecedented efficiency.”

Headquartered in the United States, Boyd Thermal employs over 5,000 people and operates manufacturing facilities across North America, Europe, and Asia. Originally founded as a thermal management supplier for the aerospace sector, the company has evolved into a key partner for hyperscale and colocation data center providers.

“We are excited to join forces with Eaton,” added Doug Britt, CEO of Boyd Thermal. “Our decades of innovation in liquid cooling, paired with Eaton’s leadership in intelligent power management, creates a powerful value proposition to address the thermal challenges of next-generation AI data centers.”

The acquisition is expected to be accretive to Eaton’s adjusted earnings in the second year following the close. The transaction is subject to customary closing conditions and regulatory approvals, with a targeted completion date in the second quarter of 2026.