Eaton Corporation plc completed the acquisition of Boyd Thermal on March 12, 2026, paying $9.5 billion in cash and assuming Boyd’s 2026 adjusted EBITDA of $423 million, a 22.5‑times multiple. The deal adds Boyd’s liquid‑cooling platform, which is projected to generate $1.7 billion in sales in 2026, including $1.5 billion from liquid‑cooling products.
The transaction is part of Eaton’s grid‑to‑chip strategy, which seeks to provide end‑to‑end power and cooling solutions for AI‑driven data centers. By combining Boyd’s expertise in liquid‑cooling components and ruggedized systems with Eaton’s power distribution and control technologies, the company can offer a more comprehensive portfolio that supports the 35 % annual growth rate projected for the liquid‑cooling segment.
Boyd Thermal employs more than 5,000 people worldwide and has a long history of thermal management in aerospace and industrial markets. The acquisition brings Boyd’s sales forecast of $1.7 billion for 2026, with $1.5 billion in liquid‑cooling revenue, into Eaton’s broader data‑center business.
Eaton expects Boyd Thermal to be accretive to adjusted earnings in the second year after closing. The $9.5 billion purchase price reflects a 22.5‑times multiple of Boyd’s estimated 2026 adjusted EBITDA, underscoring the high valuation that Eaton is willing to pay for a platform that can accelerate its growth in the high‑density cooling market.
Paulo Ruiz, Eaton’s chief executive officer, said, 'Boyd Thermal's expertise in liquid cooling will enable us to continue to meet soaring AI‑driven demand. We'll deliver integrated solutions from grid to chip that boost reliability, speed deployments and create greater value for customers worldwide.' Doug Britt, Boyd’s chief executive officer, added, 'We're thrilled to be joining Eaton, combining our decades of thermal innovation with Eaton's global scale and power management expertise. This positions Eaton to deliver integrated power and cooling solutions that meet the accelerating demands of AI. Together, we'll deliver smarter, more reliable solutions for customers worldwide.'
The acquisition also allows Boyd’s leadership team to focus on the growth of its Engineered Materials business, while Leonard Seevers of Goldman Sachs Alternatives noted, 'We are proud of the accomplishments of the entire team at Boyd's Thermal business, and we are excited to continue supporting Boyd Corporation on its continued growth.'
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