"Goldman Sachs and Boyd Corporation Announce $9.5 Billion Sale of Thermal Management Business to Eaton"

"Goldman Sachs Merchant Banking Division and Boyd Corporation are selling Boyd's Thermal Management business to Eaton for $9.5 billion, with the transaction expected to close in Q2 2026, subject to regulatory approvals. Davis Polk is advising on the sale and the separation of Boyd's Thermal and Engineered Materials businesses, which will result in the spinoff of Boyd's Engineered Materials business to Goldman Sachs and other shareholders. Boyd specializes in thermal management and environmental sealing solutions, while Eaton focuses on intelligent power management."

Davis Polk advised Goldman Sachs Merchant Banking Division and its portfolio company Boyd Corporation, as well as Boyd Corporation itself, in connection with the transaction. The transaction involves the $9.5 billion sale of Boyd Corporation’s Thermal Management business to Eaton. Additionally, Davis Polk advised Boyd on the separation of its Thermal and Engineered Materials businesses, which will result in the spinoff of Boyd’s Engineered Materials business to Goldman Sachs Merchant Banking Division and Boyd’s other shareholders prior to the completion of the sale. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2026. The Davis Polk team included corporate partners John D. Amorosi, Michael Gilson, and Michael Senders, and associates Ryan Olson and Michael Allen Nakamura. Partner Adam Kaminsky provided executive compensation advice, partner Ethan R. Goldman provided tax advice, counsel Mikaela Dealissia provided intellectual property advice, and partner Nathaniel L. Asker provided antitrust and competition advice. Members of the Davis Polk team are based in the New York, Northern California, and Washington DC offices.

"Goldman Sachs and Boyd Corporation Announce $9.5 Billion Sale of Thermal Management Business to Eaton"

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