Vertiv has entered into an agreement to acquire ThermoKey S.p.A., as part of its investment in advanced cooling solutions to support high-density AI data centers. Upon closing, the acquisition is expected to expand Vertiv’s thermal management portfolio and manufacturing capabilities, particularly in EMEA. Vertiv aims to strengthen its ability to deliver comprehensive solutions across the end-to-end thermal chain for AI factories and high-density data centers.
ThermoKey is expected to further Vertiv’s converged physical infrastructure path, support integrated and system-level thermal architectures. ThermoKey’s portfolio of dry coolers and microchannel-based heat-exchange solutions complements Vertiv’s end-to-end thermal chain, giving customers flexibility to optimize for performance, site conditions, and growth.
“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,” said Giordano Albertazzi, CEO at Vertiv. “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.”
Founded in 1991 and based in Italy, ThermoKey brings more than three decades of engineering and manufacturing experience in heat exchangers for data center cooling and other demanding applications.
ThermoKey’s in-house design and production capabilities, together with its portfolio of heat exchangers, dry coolers, air cooled condensers, and liquid cooling systems, are expected to enhance Vertiv’s broader thermal technology base and manufacturing flexibility. In addition, ThermoKey’s available production capacity is expected to support Vertiv’s ongoing thermal portfolio expansion and help address elevated customer demand in critical thermal infrastructure categories.
The ThermoKey acquisition is expected to provide several advantages for Vertiv customers, 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, such as Vertiv CoolLoop Trim Cooler systems, to improve power utilization and efficiency, and
- expanded access in EMEA to advanced dry-cooling and heat-exchange technologies, and enhanced engineering and manufacturing support for the speed and scale required in next-generation data center 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.
