Overview
- Eaton agreed to acquire Boyd Thermal from Goldman Sachs Asset Management to combine power management with liquid cooling for hyperscale and colocation customers.
- The transaction is expected to close in the second quarter of 2026.
- Eaton says the acquisition will become accretive to adjusted earnings starting in the second year after closing.
- Boyd Thermal projects $1.7 billion in 2026 sales, including about $1.5 billion from liquid cooling.
- Benzinga reports the price implies roughly 22.5 times Boyd Thermal’s projected 2026 adjusted EBITDA, and the deal follows Eaton’s 2025 purchases of Fibrebond, Ultra PCS and Resilient Power Systems.