Boyd Sells Thermal Business to Eaton in Massive $9.5 Billion Deal
#AIcooling #TechAcquisition #EngineeredMaterials #ThermalSolutions #Eaton #BoydCorporation“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 datacenters” - Doug Britt, CEO, Boyd
November 2025 : Boyd Corporation, a global innovator in engineered materials and thermal solutions, announced on Wednesday a definitive agreement to sell its Thermal business to Eaton, an intelligent power management company, for a staggering $9.5 billion.
The major divestiture is set to transform Boyd, positioning the company to concentrate and scale its remaining Engineered Materials business in rapidly growing markets. The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2026.
Following the close, Boyd’s Engineered Materials business- which focuses on technologies that seal, shield, and insulate high-performance applications- will continue to operate as an independent entity under the Boyd Corporation brand, maintaining its backing by Goldman Sachs Alternatives.
Boyd CEO Doug Britt hailed the move as a significant step forward. “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 datacenters,” said Britt. He added that the Engineered Materials team is poised to "accelerate the development of innovative solutions" across critical end markets.
Leonard Seevers, Partner in Private Equity at Goldman Sachs Alternatives, echoed the sentiment. “It has been an honor to help Doug and the team scale Boyd’s Thermal business, and we believe Eaton’s proven track record of driving portfolio-wide value creation will ensure the business is well-positioned for its next chapter of growth,” he commented.
Crucially, the company emphasized that the sale will have no impact on the day-to-day operations or service for customers of the Engineered Materials segment, as Boyd had already maintained segmented operations, leadership, and R&D teams.
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