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Goldman Sachs-backed Boyd to sell thermal business to Eaton for $9.5b
Transactions - NOVEMBER 3, 2025

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Goldman Sachs-backed Boyd to sell thermal business to Eaton for $9.5b

by Kali Arevalo

Boyd Corp. a global innovator in engineered materials and thermal solutions backed by Goldman Sachs, has agreed to sell its thermal business to an intelligent power management company Eaton for $9.5 billion.

Boyd’s engineered materials and thermal solutions advance its customers’ technology to maximize performance in the world’s most advanced data centers, enhance reliability and extend range for electric and autonomous vehicles, advance the accuracy of cutting-edge personal healthcare and diagnostic systems, enable performance-critical aircraft and security technologies, and accelerate innovation in next-generation electronics and human-machine-interface.

After the transaction, the business will continue to operate as an independent company under the Boyd Corp. brand and will continue to be backed by Goldman Sachs Alternatives.Boyd Corp. a global innovator in engineered materials and thermal solutions backed by Goldman Sachs, has agreed to sell its thermal busin

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