Vertiv has entered into an agreement to acquire ThermoKey S.p.A. as part of its investment in cooling solutions for high-density AI data centers. The transaction is expected to expand Vertiv’s thermal management portfolio and manufacturing capabilities, particularly in EMEA, and broaden its heat rejection and heat-exchange offering across the thermal chain.
ThermoKey, founded in 1991 and based in Italy, provides dry coolers and microchannel-based heat-exchange solutions. According to Vertiv, these technologies complement its thermal portfolio by giving customers more flexibility to optimize performance, site conditions, and future growth in AI factories and high-density data centers.
Vertiv said 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 strengthen Vertiv’s thermal technology base and manufacturing flexibility. The company also said ThermoKey’s available production capacity is expected to support ongoing expansion of Vertiv’s thermal portfolio and help address elevated demand in critical thermal infrastructure categories.
For customers, Vertiv said the acquisition is expected to improve support for high-efficiency cooling strategies in AI and high-density applications, strengthen system-level integration across thermal infrastructure, and expand heat rejection capabilities including Vertiv TrimCooler systems. The company also said the deal is expected to improve access in EMEA to dry-cooling and heat-exchange technologies, together with engineering and manufacturing support for next-generation data center deployments.
“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. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2026.