Vertiv has announced that it has entered into an agreement to acquire ThermoKey S.p.A., a provider of heat rejection and heat-exchange technologies. Upon closing, the acquisition is expected to expand Vertiv’s thermal management portfolio and manufacturing capabilities, particularly in EMEA, and strengthen its ability to deliver solutions across the end-to-end thermal chain for AI factories and high-density data centres.

Upon closing, ThermoKey is expected to further Vertiv’s converged physical infrastructure path by expanding the range of thermal technologies available to customers and enhancing Vertiv’s ability to support integrated, system-level thermal architectures that help customers stay multiple compute generations ahead. ThermoKey’s portfolio of dry coolers and microchannel-based heat-exchange solutions complement Vertiv’s end-to-end thermal chain, giving customers flexibility to optimize for performance, site conditions, and growth.

Commenting on the announcement, chief executive officer, Vertiv, said, “Heat rejection is becoming increasingly critical for data centres and artificial intelligence (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 original equipment manufacturers (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.”

For customers, the acquisition is expected to provide several advantages, including:

  • Enhanced support for high-efficiency cooling strategies in AI and high-density applications.
  • Improved system-level integration across thermal infrastructure within Vertiv’s converged physical infrastructure.
  • The ability to optimize across liquid cooling, air cooling, and heat rejection as an integrated thermal chain, including expanded heat rejection capabilities.
  • Expanded access in EMEA to advanced dry-cooling and heat-exchange technologies.
  • Enhanced engineering and manufacturing support for the speed and scale required in next-generation data centre deployments.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close in the second quarter of 2026.