Dublin, Ireland, November 3, 2025- Eaton has agreed to acquire Boyd Thermal from Goldman Sachs Asset Management for USD 9.5 billion, a deal the power-management group says will significantly expand its liquid-cooling and thermal-management capabilities as data-centre operators race to deploy higher-density AI racks.
Eaton told investors the purchase brings together Boyd Thermal’s engineered liquid-cooling technologies, modular cooling products, and global service footprint with Eaton’s intelligent power and infrastructure offering, creating what the company described as an integrated “chip-to-grid” solution for hyperscale and enterprise customers facing rising thermal and energy challenges. The companies expect the transaction to close in the second quarter of 2026, subject to customary regulatory approvals.
Eaton said Boyd Thermal, which expects roughly USD 1.7 billion of sales in 2026 with about USD 1.5 billion coming from liquid-cooling products used in data-centre deployments, will add manufacturing scale and specialist engineering capability across North America, Europe, and Asia.
The acquisition will increase Eaton’s addressable market in high-density cooling and related services at a time when many operators are shifting from traditional air systems to immersion and rack-level liquid cooling to manage GPU-heavy workloads.
Paulo Ruiz, Eaton’s chief executive, said the combination will enable customers to "scale compute safely and sustainably" by marrying advanced thermal controls with Eaton’s power-management software and services, a message aimed squarely at AI-focused datacentre operators seeking tighter thermal and energy budgets. He added that the transaction supports Eaton’s strategic aim to move up the stack where hardware, controls, and services converge.
Boyd Thermal executives welcomed the deal as a home for the company’s engineered cooling portfolio and global service model. Doug Britt, Boyd Thermal’s CEO, said the partnership with Eaton will “accelerate the development and deployment of liquid-cooling solutions” and help customers adopt higher rack densities while maintaining reliability and serviceability.
Financial commentary in deal coverage highlighted that Eaton is paying a premium multiple for Boyd Thermal; the companies cited an implied multiple near the mid-20s on projected adjusted EBITDA, reflecting strong strategic value placed on specialist cooling tech in the AI era. Eaton said it expects the acquisition to be accretive to adjusted earnings beginning in the second year after close, while integration and regulatory approvals remain immediate priorities.
Industry analysts said the move signals a larger strategic bet by industrial incumbents that thermal management will be a defining battleground as data-centre customers push power densities higher. Combining Boyd Thermal’s product portfolio and service network with Eaton’s global reach and power-control software could shorten customer procurement cycles and offer a one-stop option for operators that want coordinated solutions for power, cooling, and controls.
Execution risks include completing regulatory clearances, preserving Boyd Thermal’s engineering bench, and integrating manufacturing footprints without disrupting supply to existing customers.
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