Eaton To Buy Boyd Thermal in Bid To Meet Growing Data Center Demand

“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,” says Boyd Thermal Chief Executive Officer Doug Britt.

Nov. 4, 2025

Eaton announced Monday it will acquire the Boyd Thermal business of Boyd Corporation for $9.5 billion. The deal, expected to close in Q2 2026, will enhance Eaton’s existing portfolio to fulfill the rapidly growing needs of data centers.

“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,” says Eaton Chief Executive Officer Paulo Ruiz. “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 Engineered Materials business will continue to operate as an independent company under the Boyd Corporation structure.

“This is a transformative day for the entire Boyd team, and I am confident that combining Eaton’s chip-to-grid power and Boyd’s Chip-to-Ambient cooling architectures will help accelerate the deployment of future AI data centers,” says Doug Britt, chief executive officer of Boyd.