Boyd To Sell Thermal Business To Eaton For US$9.5 Bln 

KUALA LUMPUR, Nov 4 (Bernama) -- Boyd Corporation (Boyd), a global innovator in engineered materials and thermal solutions, has signed a definitive agreement to sell its Thermal business to intelligent power management company Eaton for US$9.5 billion. (US$1=RM4.19)

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the second quarter of 2026, according to a statement.

Upon completion, Boyd’s Engineered Materials business will continue to operate independently under the Boyd Corporation brand and remain backed by Goldman Sachs Alternatives.

Boyd is positioned to pursue significant growth opportunities for its Engineered Materials business, where it has built a leadership position through deep material science expertise, proprietary manufacturing technologies, and long-standing customer relationships in mission-critical applications.

“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 centres,” said Boyd chief executive officer, Doug Britt.

He added that the Engineered Materials team will continue to develop innovative solutions to address customers’ engineering challenges across rapidly growing end markets, with continued support from Goldman Sachs.

Meanwhile, Goldman Sachs Alternatives partner, Leonard Seevers said that Goldman Sachs will continue supporting Boyd’s Engineered Materials team as it builds on its strong foundation to deliver innovative, customer-centric solutions across critical industries.

Boyd confirmed that the divestiture would not impact its Engineered Materials operations, which have maintained separate leadership, research and development, sales, and customer support teams. Customers will continue to receive the same level of service and quality from Boyd.

Goldman Sachs & Co LLC served as lead financial advisor, with J.P. Morgan Securities LLC also advising Boyd and affiliates of Goldman Sachs. Davis Polk & Wardwell LLP acted as legal counsel.

-- BERNAMA