Westerville-based Vertiv, one of Ohio's fastest-growing companies, is getting even bigger.
The company that specializes in data center cooling technologies has agreed to acquire UtilityInnovation Group (UIG), a microgrid controls specialist that builds behind-the-meter power sources and onsite generation and energy storage in a multi-billion-dollar transaction.
The purchase is expected to expand Vertiv into the "upstream" power sector that increasingly is deciding how quickly data center-powered artificial intelligence can get online, according to a Vertiv news release.
UIG is based in Raleigh N.C.
As the electrical grid continues to have its capacity stretched, securing and orchestrating power earlier in site development is becoming critical, the company
said. UIG adds microgrid controls, behind-the-meter power architecture, microgrid-specific switchgear, and onsite generation and energy storage orchestration.
The transaction includes approximately $1.45 billion in cash at closing, with up to an additional $1.15 billion tied to performance targets,.
The deal is expected to close in later this year, subject to regulatory approvals and customary closing conditions.
The explosion of the data center industry across America and central Ohio has helped once small Vertiv see its stock price shoot from $14.12 at the start of 2023 to a peak of $370.94 in May. Its share price as of midday on Sept. 1 was roughly $257.
The Dispatch reported earlier this yearthat Vertiv was expanding its operation in Ironton in Lawrence County that would create hundreds of new jobs there.
Growth and development reporter Dean Narciso can be reached at dnarciso@dispatch.com.
This article originally appeared on The Columbus Dispatch: AI data center explosion drives latest acquisition by Westerville's Vertiv
