Eaton To Acquire Boyd Corp.'s Boyd Thermal Business In $9.5 Bln Deal

(RTTNews) - Intelligent power management company Eaton Corp. plc (ETN) announced Monday that it has signed an agreement to acquire Boyd Corp.'s Boyd Thermal business from Goldman Sachs Asset Management.

Under the deal terms, Eaton will pay $9.5 billion, which represents 22.5 times Boyd Thermal's estimated adjusted EBITDA for 2026.

The acquisition is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.

Eaton expects Boyd Thermal to be accretive to adjusted earnings in year two after closing.

U.S.- based Boyd Thermal offers thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets. The firm has more than 5,000 employees and manufacturing sites across North America, Asia and Europe. The forecasted sales for 2026 is $1.7 billion, of which $1.5 billion is in liquid cooling.

Paulo Ruiz, Eaton chief executive officer, said, "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."

In the pre-market activity, Eaton shares were losing around 1.8% to trade at $374.79.