Eaton To Buy Boyd Thermal For $9.5B, Expanding Its Data Center And Aerospace Cooling Business
Author: Benzinga Newsdesk | November 03, 2025 07:24am
Intelligent power management company Eaton (NYSE:ETN) today announced it has signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. Boyd Thermal is a leader in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets. 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*. Boyd Thermal has forecasted sales of $1.7 billion for 2026, of which $1.5 billion is in liquid cooling.
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