Eaton to Acquire Boyd Thermal for US$9.5B — Liquid Cooling Boost for AI Data Centers

Eaton to Acquire Boyd Thermal for US$9.5B, Adding Liquid Cooling to Power AI Data Centers

Eaton has signed an agreement to acquire Boyd Thermal from Goldman Sachs Asset Management for US$9.5 billion.

The deal values Boyd Thermal at 22.5x projected 2026 adjusted EBITDA.

Boyd Thermal is expected to generate US$1.7 billion in sales in 2026, with US$1.5 billion attributed to liquid cooling.

What this means for data centers and AI

This acquisition expands Eaton's "chip-to-grid" portfolio for hyperscale and colocation customers.

It brings mature, differentiated liquid cooling technologies that address growing power and efficiency needs in AI data centers.

Combining Eaton’s power management and Boyd’s thermal expertise enables end-to-end solutions from servers to the grid.

Strategic and financial highlights

• Price: US$9.5 billion.
• Valuation: 22.5x 2026 adjusted EBITDA.
• 2026 estimated revenue: US$1.7 billion; liquid cooling: US$1.5 billion.
• Global footprint: 5,000+ employees and manufacturing across North America, Asia and Europe.
• Closing expected in Q2 2026, subject to regulatory approvals and customary conditions.

Leadership commentary highlights synergy. Eaton CEO Paulo Ruiz emphasizes the combined "chip-to-grid" value for customers.

Boyd CEO Doug Britt notes the deal will accelerate scalable, energy-efficient AI deployments.

Customers can expect integrated offerings that improve energy efficiency and simplify deployment at scale.

Keywords: Eaton, Boyd Thermal, liquid cooling, data center, thermal management, AI data centers, power management, energy efficiency, hyperscale, acquisition.

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Contact Eaton sales or your technology partner to explore liquid cooling and power solutions for AI deployments.