We are advising Goldman Sachs Merchant Banking Division and its portfolio company Boyd on the transactions

Davis Polk is advising Goldman Sachs Merchant Banking Division and its portfolio company Boyd Corporation on the $9.5 billion sale of Boyd’s Thermal Management business to Eaton. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2026.

Davis Polk is also advising 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 consummation of the sale of Boyd’s Thermal Management business.

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity.

Boyd is a global provider of thermal management and environmental sealing solutions. Boyd Thermal Management is a global business based in the United States, with more than 5,000 employees and manufacturing sites across North America, Asia and Europe.

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere.

The Davis Polk corporate team includes partners John D. Amorosi, Michael Gilson and Michael Senders and associates Ryan Olson and Michael Allen Nakamura. Partner Adam Kaminsky is providing executive compensation advice. Partner Ethan R. Goldman is providing tax advice. Counsel Mikaela Dealissia is providing intellectual property advice. Partner Nathaniel L. Asker is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.

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