Vertiv Closes ThermoKey Acquisition to Expand Data Center Cooling Portfolio

Vertiv has closed its acquisition of ThermoKey, an Italian cooling company, the data center power and cooling giant announced on June 13. The deal, first disclosed in March, expands Vertiv's thermal management portfolio and manufacturing capabilities in Europe, the Middle East, and Africa.

ThermoKey specializes in heat-exchange solutions, dry coolers, and systems compatible with low-GWP and natural refrigerants. Vertiv said it already uses some of ThermoKey's technologies in select thermal products.

AI workloads drive cooling demand

Giordano Albertazzi, CEO of Vertiv, said customers are scaling AI infrastructure at an unprecedented pace, making thermal performance a critical enabler of capacity and efficiency. The acquisition strengthens Vertiv's ability to deliver integrated heat rejection solutions for high-density environments.

• ThermoKey's heat-exchange and dry cooler technologies will be integrated into Vertiv's thermal management systems.
• The deal adds manufacturing capacity in EMEA, supporting regional supply chains.
• Low-GWP and natural refrigerant compatibility aligns with sustainability goals in data center cooling.
• Giuseppe Visentini, ThermoKey's CEO, will continue to lead the business under Vertiv.

Implications for the cooling market

The acquisition comes as the industry shifts toward liquid cooling for AI and HPC workloads. Direct-to-chip liquid cooling is gaining traction as air cooling reaches its limits for high-density racks. Vertiv's expanded portfolio positions it to compete in both air and liquid cooling segments.

ThermoKey's expertise in heat rejection systems complements Vertiv's existing offerings, including chillers and cooling distribution units. The combined product line could help operators deploy faster and operate more efficiently, according to Albertazzi. Visentini said joining Vertiv allows ThermoKey to bring its heat-exchange expertise into a complete thermal chain serving high-density data centers.

What comes next: Vertiv will integrate ThermoKey's operations and products into its global thermal management business. The company expects the acquisition to support growth in EMEA and beyond as demand for AI infrastructure continues to rise.