Eaton, a player in the intelligent power management market segment, is acquiring Boyd Thermal for $9.5 billion.
Boyd Thermal, known for its thermal solutions, supplies systems for the data center and aerospace segments.
The acquisition will enable Eaton to target the data center market, since AI and high-performance computing demand more power. This requires advanced liquid cooling solutions, enabling the company to offer services from chip to grid.
This deal enhances customer value through the combined expertise of Boyd Thermal’s engineered cooling technology, particularly in managing the power demands of large AI data centers, said Paulo Ruiz, CEO, Eaton.
According to a press release, Boyd Thermal has strong growth projections. Sales are forecasted to hit $1.7 billion in 2026. Liquid cooling accounts for most of that revenue.
Eaton expects this purchase to be profitable. It should boost earnings by year two. The price represents a high multiple of expected EBITDA.
The transaction must clear regulatory hurdles. The deal is currently expected to close in the second quarter of 2026, the companies said in the press release.
