Power and cooling firm Eaton is acquiring the data center cooling business of Boyd.

The company this week announced it has signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management for $9.5 billion.

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

“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,” said Paulo Ruiz, Eaton CEO.

“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.”

Boyd’s thermal business serves data center, industrial, aerospace and other markets. The US-based division has more than 5,000 employees, with manufacturing sites across North America, Asia, and Europe.

Boyd Thermal has forecast sales of $1.7 billion for 2026, of which $1.5 billion is in liquid cooling.

“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,” said Doug Britt, Boyd Thermal CEO. “Together, our teams will offer a winning value proposition for our customers.”

Founded in 1911, Eaton is an American electronics manufacturing company. The company offers power systems for data centers, including UPS solutions.

With roots tracing back to 1928, Boyd provides material and thermal solutions, providing cooling tech for batteries, power inverters, and other electronics. It provides offerings around single-and two-phase liquid cooling, immersion cooling, and air cooling, including CDUs, cold plates, and cooling loops. In July, the firm launched a 2.3MW CDU that it says can efficiently cool more than ten Nvidia NVL72 racks.

Upon transaction close, Boyd said its engineered materials business, which offers technologies that seal, shield, and insulate, will continue to operate as an independent company under the Boyd Corporation brand and continue to be backed by Goldman Sachs Alternatives.