Overview
- The valuation implies roughly 22.5 times Boyd Thermal’s projected 2026 adjusted EBITDA, according to Eaton.
- Boyd Thermal forecasts $1.7 billion in 2026 sales, with the majority coming from liquid-cooling solutions for data centers.
- Eaton expects the transaction to close in the second quarter of 2026 and to lift adjusted earnings starting in the second year after closing.
- Boyd’s engineered materials business will remain with Goldman Sachs after the sale.
- The deal is Eaton’s fourth acquisition of 2025, following Fibrebond ($1.4 billion), Resilient Power Systems, and Ultra PCS ($1.55 billion), as rivals like Vertiv also move to expand in liquid cooling.