Eaton to Buy Boyd Thermal for $9.5B in Data Center Play
Deal Is Expected to Close in Q2 2026
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Eaton Corp. agreed to buy liquid cooling specialist Boyd Thermal for $9.5 billion to capitalize on heavy demand related to artificial intelligence data centers.
Eaton, a more than century-old power management company, is acquiring the Boyd Corp. unit from Goldman Sachs Asset Management, according to a statement Nov. 3. The deal is expected to close in the second quarter of 2026.
The acquisition gives Eaton a portfolio of thermal-management products designed to control excess heat from data centers or in other applications across the industrial and aerospace sectors. Boyd Thermal’s 2026 sales are forecast at $1.7 billion, the majority of which will come from liquid cooling.
Eaton shares fell 1.8% as of 7:13 a.m. before regular trading in New York.
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