Eaton has signed an agreement to acquire the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management for $9.5 billion. Boyd Thermal is a leader in thermal components, systems, and ruggedized solutions for data centers, aerospace, and other markets. The business, based in the U.S. with more than 5,000 employees and manufacturing facilities across North America, Asia, and Europe, is expected to generate $1.7 billion in sales for 2026, with $1.5 billion coming from liquid cooling. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. Eaton expects the acquisition to be accretive to adjusted earnings in the second year after closing.