Vertiv Holdings Co. announced that it has entered into an agreement to acquire ThermoKey S.p.A., an Italian company that designs and manufactures heat‑rejection and heat‑exchange solutions for data centers and other high‑temperature applications. The deal is expected to close in the second quarter of 2026 and is estimated to be worth around $1.0 billion, although the exact terms have not been disclosed.
The acquisition expands Vertiv’s end‑to‑end thermal chain by adding ThermoKey’s dry‑cooler and microchannel‑based heat‑exchange technologies. These solutions complement Vertiv’s existing precision and liquid‑cooling product lines and enable the company to offer fully integrated, system‑level thermal architectures that meet the demands of next‑generation AI workloads.
Vertiv’s CEO Giordano Albertazzi said that “heat rejection is becoming increasingly critical for data centers and AI factories as the industry seeks new ways to unlock capacity, improve energy efficiency, and scale with confidence.” He added that the partnership with ThermoKey “has highlighted the company’s differentiated heat‑exchange technologies, engineering depth, and relationships across OEMs and system integrators,” underscoring the strategic fit of the acquisition.
The transaction also strengthens Vertiv’s presence in Europe by adding ThermoKey’s manufacturing footprint in Italy. In the broader context, Vertiv has posted strong financial results: Q1 2025 net sales rose 24% YoY to $2.036 billion, and the adjusted operating margin expanded to 16.5%. The company’s Q4 2025 order growth was 252% organic, with a backlog of $15 billion, and it has guided 2026 net sales to $13.25 billion–$13.75 billion, exceeding analyst expectations.
The acquisition is part of Vertiv’s strategy to build a comprehensive, scalable solution for “AI factories” and to lock in recurring revenue through its services network. By integrating ThermoKey’s technologies and manufacturing capabilities, Vertiv aims to deliver more efficient cooling solutions that support the rapid expansion of high‑density AI data‑center infrastructure.
The deal is expected to enhance Vertiv’s competitive position in the data‑center cooling market, providing customers with a broader portfolio of heat‑rejection and heat‑exchange options and reinforcing the company’s leadership in the AI infrastructure sector.
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