This Research Note examines the latest acquisitions in liquid cooling technology by the major HVAC and data center infrastructure players over the last 8 months. This updates our November 2025 Research Note on Liquid Cooling Acquisitions: 4 Major Deals Reshape Data Center Market in 2025 and our February 2026 Note on Data Center M&A Surge: 11 Major Suppliers Battle for Dominance, We highlight 2026 transactions by Ecolab, Trane and Johnson Controls and conclude with a commentary on the key players in the global landscape and major deals in the last 2 years. Ecolab Transaction Details Sustainability specialist Ecolab agreed to acquire liquid cooling company CoolIT Systems for $4.75 billion in cash on 20th March 2026. This represents 29x and 24x estimated next 12-months and 2027 adjusted EBITDA for CoolIT. The seller was funds led by investment firm KKR, which acquired the company in 2023. The deal closed on 2nd July 2026. The EV/Revenue multiple for this […]
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