Nov. 4 at 8:30 PM
AI’s rapid growth is straining power grids and driving demand for advanced cooling systems. On Monday, Eaton agreed to buy Boyd Thermal from Goldman Sachs Asset Management for
$9.5 billion, or 22.5× estimated 2026 EBITDA, adding key liquid cooling technology used in AI data centers.
Eaton CEO Paulo Ruiz said the deal combines power and cooling expertise “from the chip to the grid,” helping customers handle rising energy needs. Analysts called the move overdue, as Eaton’s rivals have already entered the cooling race: Schneider Electric bought 75% of Motivair in 2024, and Vertiv just acquired PurgeRite to expand its services.
Vertiv, Eaton, and Schneider dominate the thermal management market, while nVent supplies components. Vertiv shares are up 68% YTD, Eaton 16%, Schneider 1%, and nVent 65%, all trading at high valuations versus the S&P 500 .
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