Key insights
- Vertiv's acquisition of ThermoKey strengthens its thermal management capabilities, particularly for high-density data centers and AI infrastructure. This move is supported by Vertiv's strong financial performance and anticipated sales growth, positioning the company to capitalize on the rapid scaling of AI. The integration of ThermoKey's expertise and manufacturing capacity in Europe is expected to enhance Vertiv's offerings and market position, potentially driving further stock appreciation.
COLUMBUS, Ohio - Vertiv (NYSE:VRT) completed its acquisition of ThermoKey S.p.A., a provider of heat rejection and heat-exchange technologies, according to a press release statement issued today.
The transaction expands Vertiv’s thermal management portfolio and manufacturing capabilities in Europe, Middle East, and Africa. ThermoKey specializes in heat-exchange solutions, dry coolers, and compatibility with low-GWP and natural refrigerants.The acquisition comes as Vertiv demonstrates robust financial momentum, with revenue reaching $10.8 billion and growth of 29% in the last twelve months. According to InvestingPro analysis, analysts anticipate continued sales growth in the current year, supporting the company’s expansion strategy. The stock has delivered a 160% return over the past year.
Founded in 1991, ThermoKey brings over 30 years of engineering expertise and in-house design and production capabilities. The company maintains relationships with original equipment manufacturers and system integrators.
Vertiv currently uses ThermoKey’s technologies in select thermal solutions. The acquisition adds manufacturing capacity focused on thermal solutions for high-density data centers and AI infrastructure.
"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."
ThermoKey’s Rivarotta, Italy operations will continue as a hub for manufacturing, engineering, and support. Giuseppe Visentini, CEO of ThermoKey, will continue to lead the business.
"Joining Vertiv means bringing our heat-exchange expertise into a complete, integrated thermal chain that serves high-density data centers," said Visentini.
Vertiv, headquartered in Westerville, Ohio, provides power, cooling and IT infrastructure solutions for data centers, communication networks and commercial and industrial facilities. The company operates in more than 130 countries.
Financial terms of the acquisition were not disclosed in the statement.
In other recent news, Vertiv Holdings Co. announced a quarterly cash dividend of $0.0625 per share, payable on June 25, 2026, to shareholders of record as of June 15, 2026. Analysts have been actively evaluating the company’s prospects, with Bernstein initiating coverage on Vertiv with an outperform rating, citing its role as a significant player in data center power and cooling equipment. RBC Capital also reiterated an outperform rating, setting a price target of $435, following Vertiv’s investor day where the company outlined new five-year targets. Additionally, Mizuho raised its price target for Vertiv to $380, maintaining an outperform rating after the company’s 2026 Investor Conference, which highlighted long-term growth projections through 2030.
Morgan Stanley analysts noted that Vertiv Americas’ data center revenue has not kept pace with gigawatt capacity additions, attributing this to timing factors rather than market share losses. They expect this gap to narrow in the coming years. These developments reflect a positive outlook from analysts regarding Vertiv’s position in the data center market, with several firms reaffirming or upgrading their ratings and price targets.
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