Vertiv, a global leader in digital critical infrastructure, announces the signing of an agreement to acquire ThermoKey S.p.A., a leading provider of heat dissipation and heat exchange technologies, recognized for its strong partnerships with original equipment manufacturers (OEMs) and system integrators. This initiative is part of Vertiv's ongoing strategy to invest in advanced cooling solutions to support high-density AI data centers. Upon completion of the transaction, the acquisition is expected to expand Vertiv's thermal management portfolio and manufacturing capabilities, particularly in the EMEA region. At the same time, it will strengthen the company's ability to provide end-to-end solutions across the entire thermal chain for AI factories and high-density data centers.
Upon completion, ThermoKey will help accelerate Vertiv's converged physical infrastructure strategy by expanding the range of thermal technologies available to customers. At the same time, it will enhance Vertiv's ability to support integrated, system-level thermal architectures that enable customers to maintain a multi-generation lead in computing platforms over market requirements. The ThermoKey portfolio, which includes dry coolers (waterless air-cooled chillers) and microchannel technology-based heat exchange solutions, complements Vertiv's integrated thermal chain, giving customers the flexibility to optimize performance based on site conditions and future infrastructure evolution.
„Heat dissipation is becoming increasingly critical for data centers and AI factories as the industry looks for solutions to increase capacity, improve energy efficiency and scale with confidence”said Giordano Albertazzi, CEO Vertiv. „Working with ThermoKey has shown us the value of its heat exchange technologies, engineering expertise and strong relationships with OEMs and system integrators. Through this acquisition, we aim to expand the options available to customers as they adopt more efficient cooling strategies and develop infrastructures capable of keeping pace with evolving computing requirements.”
Founded in 1991 and headquartered in Italy, ThermoKey brings over three decades of experience in engineering and manufacturing heat exchangers for data center cooling and other complex applications. The company has developed strong, long-term relationships with leading global manufacturers and installers and is recognized for its technical expertise, applied knowledge and close collaboration with customers in the data center, OEM and industrial cooling industries. Its differentiated engineering capabilities, microchannel technologies, and compatibility with low GWP refrigerants and natural agents position it as an ideal partner for advanced and energy-intensive AI data center environments.
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. In addition, ThermoKey's available manufacturing capacity will support the continued expansion of Vertiv's thermal portfolio and help meet growing customer demand for critical thermal infrastructure.
For customers, the acquisition is expected to bring several benefits, including: Enhanced 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; the ability to optimize integrated liquid cooling, air cooling and heat dissipation as part of a unified thermal chain, including expanded heat dissipation capabilities, such as Vertiv TrimCooler systems, to increase efficiency and optimize power consumption; Expanded access in EMEA to advanced dry cooling and heat exchange technologies, along with strengthened engineering and manufacturing support, to meet the speed and scaling requirements of next-generation data centers.
The transaction is subject to standard closing conditions, including receipt of regulatory approvals, and is expected to close in the second quarter of 2026.