Vertiv has entered into an agreement to acquire ThermoKey S.p.A., a leading provider of heat rejection and heat-exchange technologies.
The acquisition will expand Vertiv's thermal management portfolio and manufacturing capabilities, particularly in EMEA, and strengthen its ability to deliver comprehensive 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 complements Vertiv's end-to-end thermal chain, giving customers flexibility to optimise for performance, site conditions, and growth.
Vertiv CEO, Giordano Albertazzi, said heat rejection is becoming increasingly critical for data centres 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,” Albertazzi said.
“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 centre cooling and other demanding applications.
The company has built long-standing relationships with leading manufacturers and installers worldwide and is recognised for its engineering know-how, application expertise, and customer collaboration across data centre, OEM, and process-cooling environments.
Its differentiated engineering capabilities, microchannel technologies, and compatibility with low-GWP and natural refrigerants position it as a strong fit for advanced, energy-intensive AI data centre environments.
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.
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.
For customers, the acquisition is expected to provide several advantages, including the ability to optimise across liquid cooling, air cooling, and heat rejection as an integrated thermal chain, including expanded heat rejection capabilities, such as Vertiv TrimCooler systems, to improve power utilisation and efficiency.
The transaction is expected to close in the second quarter of 2026.