Data center power and cooling giant Vertiv has acquired Italian cooling firm ThermoKey.

The company this week announced it has entered into an agreement to acquire ThermoKey, a provider of heat rejection and heat-exchange technologies.

Terms of the deal were not shared. The acquisition is due to close in Q2 2026.

Founded in 1991 and based in Italy, ThermoKey offers a portfolio of dry coolers and microchannel-based heat-exchange solutions. Dry coolers do not rely on refrigerants or compressors, instead relying on cooler outside air for heat exchange.

Vertiv said the deal would expand its thermal management portfolio and manufacturing capabilities, particularly in EMEA, and help expand its offerings to support liquid cooling.

“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. “Through our work with ThermoKey, we have come to value its differentiated heat-exchange technologies, engineering depth, and relationships across OEMs and system integrators. 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.”

With the boom in liquid cooling to support AI workloads, Vertiv has acquired a number of businesses to bolster its offering.

In 2023, the company acquired coolant distribution infrastructure provider CoolTera. The next year, it picked up centrifugal chiller technology and assets from BiXin Energy Technology Co.

Last year, it bought automation platform WayLay.io, which develops monitoring and control technologies for power and cooling systems. It also acquired rack maker Great Lakes for $200m and mechanical flushing firm PurgeRite.