Eaton to Acquire Liquid Cooling Business Boyd Thermal in $9.5 Billion Deal

Paul, Weiss is advising intelligent power management company Eaton on its $9.5 billion acquisition of the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. With manufacturing sites across North America, Asia and Europe, Boyd Thermal is a global leader in thermal components and other solutions for markets including data centers and aerospace. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions.

The Paul, Weiss team is led by corporate partners Dotun Obadina and Laura Turano, and includes counsel Nathan Mitchell; intellectual property partner Bonnie Chen and counsel Meggin Bednarczyk; executive compensation partner Christopher Gonnella; antitrust partners Christopher Wilson and Marta Kelly; tax partner Brian Krause; real estate partner Peter Fisch; and environmental partner Stefanie Gitler.