Eaton Corporation to Acquire Boyd Thermal for $9.5 Billion, Boosting Data Center Cooling Capabilities

Eaton Corporation, a global leader in intelligent power management, announced on November 3, 2025, its agreement to acquire Boyd Corporation's Thermal business for $9.5 billion. This strategic acquisition aims to enhance Eaton's data center capabilities by integrating Boyd Thermal's advanced liquid cooling technologies, addressing the escalating power demands driven by artificial intelligence (AI) applications.

The transaction is expected to close in the second quarter of 2026, pending customary regulatory approvals. Eaton anticipates that the acquisition will be accretive to adjusted earnings in the second year following the closing.

Boyd Thermal, a U.S.-based global leader in thermal components and systems, employs over 5,000 individuals across manufacturing sites in North America, Asia, and Europe. The company forecasts sales of $1.7 billion for 2026, with $1.5 billion attributed to liquid cooling solutions.

Paulo Ruiz, Eaton's chief executive officer, highlighted the synergy between the two companies, stating, "Bringing together Boyd Thermal’s highly-engineered liquid cooling technology and global service model with Eaton’s existing products and scale will provide enhanced value to customers. In data centers particularly, our combined expertise in both power and liquid cooling from the chip to the grid will enable customers to manage increasing power demands more effectively."

Doug Britt, chief executive officer of Boyd Thermal, expressed optimism about the collaboration, saying, "We are looking forward to joining forces with Eaton. Our decades of expertise in liquid cooling, combined with Eaton’s premier positioning in intelligent power management, will deliver innovation in scaling and efficiency to address the high-power demand of AI data centers. Together, our teams will offer a winning value proposition for our customers."

This acquisition aligns with Eaton's strategic initiative to expand its data center portfolio, particularly in liquid cooling solutions, to meet the growing demands of AI-driven applications. The move also positions Eaton competitively against peers like Vertiv Holdings, which recently announced its acquisition of PurgeRite Intermediate for approximately $1 billion to expand its liquid cooling services portfolio.

Following the sale, Boyd Corporation will continue to operate its Engineered Materials business as an independent entity, focusing on advanced technologies that seal, shield, and insulate high-performance applications across various industries.

Eaton's acquisition of Boyd Thermal reflects a broader industry trend of consolidation and technological advancement in response to the evolving needs of data centers, particularly those driven by AI applications.