Vertiv Holdings Co. announced it has entered into an agreement to acquire ThermoKey S.p.A., a provider of heat-rejection and heat-exchange technologies, as part of its continued investment in advanced cooling solutions for high-density AI data centers.
The transaction is expected to enhance Vertiv’s thermal management portfolio and expand its manufacturing footprint, particularly across Europe, the Middle East, and Africa. By integrating ThermoKey’s technologies, Vertiv aims to strengthen its ability to deliver end-to-end thermal solutions across the full cooling chain for AI factories and next-generation data centers.
Founded in 1991 and based in Italy, ThermoKey brings more than three decades of experience in designing and manufacturing heat exchangers for demanding applications, including data center cooling. Its portfolio includes dry coolers, microchannel heat exchangers, air-cooled condensers, and liquid-cooling systems, complementing Vertiv’s existing offerings.
The acquisition is expected to improve system-level thermal integration, enabling customers to optimize performance, energy efficiency, and scalability across liquid, air, and heat-rejection systems. ThermoKey’s engineering capabilities and compatibility with low global warming potential and natural refrigerants are also positioned to support increasingly energy-intensive AI workloads.
Vertiv noted that the addition of ThermoKey will expand customer flexibility in deploying high-efficiency cooling strategies while helping data centers stay ahead of rapidly evolving compute demands. The deal is also expected to increase production capacity and support rising demand for critical thermal infrastructure.
The transaction remains subject to customary closing conditions, including regulatory approvals, and is anticipated to close in the second quarter of 2026.
KEY QUOTE:
“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. Through our work with ThermoKey, we have come to value its differentiated heat-exchange technologies, engineering depth, and relationships across OEMs and system integrators. This acquisition is expected to expand the options available to our customers as they adopt more efficient cooling strategies and build infrastructure designed to stay ahead of rapidly evolving compute demands.”
Giordano Albertazzi, Chief Executive Officer, Vertiv
