Vertiv Completes ThermoKey Buy to Expand Thermal Chain
The acquisition strengthens Vertiv’s heat-rejection portfolio for AI-ready data centers in Europe, the Middle East, and Africa.
**Columbus, Ohio** — Vertiv Holdings Co (VRT) completed its acquisition of ThermoKey S.p.A., expanding its thermal-management portfolio and manufacturing footprint in Europe, the Middle East, and Africa to support high-density data centers and AI infrastructure.
The transaction, announced in March, closed without disclosed financial terms or structure. ThermoKey’s dry coolers and microchannel heat-exchange technologies are expected to integrate with Vertiv’s end-to-end thermal chain, giving customers additional options to optimize performance, site conditions, and growth.
Vertiv framed the deal as a response to escalating demand for system-level thermal solutions in AI factories. "Customers are scaling AI infrastructure at an unprecedented pace, and thermal performance is now a critical enabler of capacity and efficiency," said Giordano Albertazzi, CEO at Vertiv. "With ThermoKey, we are strengthening our capabilities to deliver differentiated, integrated, high-performance heat rejection solutions that help customers deploy faster, operate more efficiently, and scale with confidence".
Founded in 1991 and based in Italy, ThermoKey brings three decades of engineering and manufacturing experience in heat exchangers for data center cooling and other high-demand applications. The company has established relationships with leading original equipment manufacturers and system integrators worldwide, and its microchannel technologies and compatibility with low-global-warming-potential refrigerants align with Vertiv’s strategy for energy-intensive AI environments.
The acquisition follows a series of deals by Vertiv to bolster its thermal and liquid-cooling capabilities. In December 2025, Vertiv completed a $1.0 billion purchase of PurgeRite, a provider of mechanical flushing and filtration services for liquid-cooled data centers. Earlier in 2025, Vertiv acquired Strategic Thermal Labs to enhance its cold-plate design and server-side liquid-cooling expertise.
Vertiv said the ThermoKey acquisition does not alter its commitment to an open ecosystem approach, supporting interoperable, server-agnostic infrastructure solutions. The company expects the deal to enhance its ability to deliver integrated thermal architectures across the full thermal chain, from facility to rack.