Vertiv acquires ThermoKey S.p.A. in a deal expected to close in the second quarter of 2026, the company said on March 26, 2026. The transaction will expand Vertiv’s thermal management portfolio and manufacturing capabilities, particularly across the EMEA region, to support high-density artificial intelligence data centers.
Founded in 1991 and headquartered in Italy, ThermoKey brings more than three decades of engineering and manufacturing experience in heat exchangers. The company serves data center cooling, OEM, and process-cooling environments, and holds long-standing relationships with manufacturers and installers worldwide.
Strategic Rationale for the Acquisition
Vertiv said the acquisition is expected to strengthen its ability to deliver solutions across the end-to-end thermal chain for AI factories and high-density data centers. ThermoKey’s portfolio of dry coolers and microchannel-based heat-exchange solutions complements Vertiv’s existing thermal offerings. Moreover, the deal gives customers flexibility to optimize for performance, site conditions, and growth requirements.
ThermoKey’s engineering capabilities, microchannel technologies, and compatibility with low global-warming-potential and natural refrigerants position the company as a fit for energy-intensive AI data center environments. In addition, ThermoKey’s available production capacity is expected to support Vertiv’s ongoing thermal portfolio expansion.
Vertiv Acquires ThermoKey: Expected Customer Benefits
The transaction is expected to deliver several advantages for customers operating in high-density computing environments. These include enhanced support for high-efficiency cooling strategies in AI applications and improved system-level integration across thermal infrastructure.
- 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
- Ability to optimize across liquid cooling, air cooling, and heat rejection as an integrated thermal chain, including Vertiv™ CoolLoop Trim Cooler systems
- Expanded access in EMEA to dry-cooling and heat-exchange technologies with enhanced engineering and manufacturing support
Executive Commentary
“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.”
Giordano Albertazzi, CEO, Vertiv
Albertazzi further said the acquisition is expected to expand the options available to customers as they adopt more efficient cooling strategies and build infrastructure designed to stay ahead of rapidly evolving compute demands. Vertiv (NYSE: VRT) operates in more than 130 countries and is headquartered in Westerville, Ohio, USA.
Transaction Details and Regulatory Timeline
The transaction is subject to customary closing conditions, including receipt of regulatory approvals. Vertiv expects the deal to close in the second quarter of 2026. ThermoKey’s in-house design and production capabilities — spanning heat exchangers, dry coolers, air-cooled condensers, and liquid cooling systems — are expected to enhance Vertiv’s broader technology and manufacturing base. Furthermore, the acquisition is expected to address elevated customer demand in critical thermal infrastructure categories across the EMEA region.
Upon closing, ThermoKey is expected to further Vertiv’s converged physical infrastructure path by expanding the range of thermal technologies available to customers. The deal also aims to enhance Vertiv’s ability to support integrated, system-level thermal architectures that help customers remain ahead across multiple compute generations.