The transaction is expected to increase options available to customers across the entire thermal chain, optimizing energy use and efficiency for AI-ready data centers
Vertiv (NYSE: VRT), a global leader in critical digital infrastructure, announces that it has signed an agreement to acquire ThermoKey S.p.A., a leading company in heat dissipation and exchange technologies with consolidated relationships with OEMs and system integrators. The move is part of Vertiv's ongoing commitment to investing in advanced cooling solutions to support high-density AI data centers. Once completed, the acquisition is expected to expand Vertiv's Thermal Management portfolio and manufacturing capabilities, particularly in EMEA, strengthening the company's capabilities to offer complete solutions across the entire thermal chain for AI Factories and high-density data centers.
Upon closing, ThermoKey will help advance Vertiv's path to converged physical infrastructure, broadening the range of thermal technologies available to customers and enhancing the company's ability to support integrated system-level thermal architectures, helping customers anticipate the evolution of future generations of computing. ThermoKey's portfolio, which includes dry coolers and microchannel-based heat exchange solutions, complements Vertiv's end-to-end Thermal Chain, offering flexibility to optimize performance, site conditions and growth.
“Heat rejection is becoming increasingly critical for data centers and AI factories as the industry seeks new ways to increase capacity, improve energy efficiency and scale confidently,” said Giordano Albertazzi, CEO of Vertiv. "Through our collaboration with ThermoKey, we have come to appreciate their distinctive heat transfer technologies, engineering expertise and relationships with OEMs and system integrators. This acquisition is expected to expand the options available to our customers, supporting them in adopting more efficient cooling strategies and building infrastructures designed to keep pace with rapidly evolving computing needs."
Founded in 1991 and based in Italy, ThermoKey has over thirty years of engineering and manufacturing experience in heat exchangers for data center cooling and other high-performance applications. The company has developed long-lasting relationships with leading global manufacturers and installers and is recognized for its engineering know-how, application expertise and customer collaboration in areas such as data centers, OEMs and process cooling. Its distinctive engineering capabilities, microchannel technologies, and compatibility with low-GWP and natural refrigerants make it well suited to the advanced, energy-intensive environments of AI data centers.
ThermoKey's in-house design and manufacturing capabilities, along with its portfolio of heat exchangers, dry coolers, air-cooled condensers and liquid cooling systems, are expected to strengthen Vertiv's thermal technology base and manufacturing flexibility. Additionally, ThermoKey's available manufacturing capacity is expected to support the continued expansion of Vertiv's thermal portfolio and help meet growing customer demand in critical thermal infrastructure.
For customers, the acquisition is expected to deliver several benefits, including:
- Greater support for high-efficiency cooling strategies in AI and high-density applications,
- improved system-level integration of thermal infrastructure within Vertiv's converged physical infrastructure,
- ability to optimize liquid cooling, air cooling and heat dissipation such as an integrated thermal chain, including expanded dissipation capabilities, such as systems Vertiv™ CoolLoop Trim Cooler, to improve energy use and efficiency,
- Greater access in EMEA to advanced dry cooling and heat exchange technologies, as well as enhanced engineering and manufacturing support to meet the speed and scalability required by next-generation data centers.
The transaction is subject to customary closing conditions, including obtaining necessary regulatory approvals, and is expected to close in the second quarter of 2026.
