Eaton Corporation plc (NYSE:ETN) signed a definitive agreement to acquire Thermal Business of LTI Holdings Inc. for $9.5 billion on November 2, 2025. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. As per the transaction, Eaton Corporation plc obtain a senior unsecured delayed draw term loan facility in an amount of up to $8 billion on the terms set forth in this Agreement, (ii) increase the aggregate committed amounts under the existing revolving credit agreement from $3 billion to $4 billion (the ?revolving credit facility increase?), (iii) pay the acquisition consideration and (iv) pay the fees, costs and expenses incurred in connection with the foregoing. The transaction is expected to close in the second quarter of 2026.
Goldman Sachs & Co. LLC acted as lead financial advisor and J.P. Morgan Securities LLC served financial advisor to Boyd Corporation and affiliates of Goldman Sachs. Davis Polk & Wardwell LLP is acting as legal advisor to Boyd. Jefferies LLC acted as financial advisor to Eaton Corporation plc. Dotun Obadina, Daniel Gerkin Laura Turano, Bonnie Chen, Christopher Gonnella, Christopher Wilson, Brian Krause, Peter Fisch Paul, and Stefanie Gitler of Weiss, Rifkind, Wharton & Garrison LLP acted as a advisor to Eaton.
Eaton Corporation plc (NYSE:ETN) completed the acquisition of Thermal Business of LTI Holdings Inc. on March 12, 2026. As per the transaction, Doug Britt, chief executive officer, Boyd Corporation and its team will join Eaton Corporation plc. Eaton expects Boyd Thermal to be accretive to adjusted earnings in year two after closing. Boyd Thermal will be reported within the Electrical Global business segment.
Eaton Corporation plc is a diversified industrial group organized around 4 families of products:
- distribution, control and electric protection systems and component (71.1% of net sales): low tension electric appliances, breakers, UPS, modulators, industrial automatisms, etc.;
- aerospace systems (15.1%): fuel power systems, hydraulics and pneumatic systems for commercial and military aircrafts, men/machine interfaces, propellant systems, switching and electrical protection equipment, etc.;
- air managing systems for automotive engines (11.2%). The group also offers transmission systems for trucks;
- other (2.6%).
Net sales are distributed geographically as follows: the United States (60.9%), Europe (18.2%), Asia-Pacific (9.9%), Latin America (6.8%) and Canada (4.2%).
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