{
  "dataset": "cooling-ownership-timeline",
  "title": "Cooling ownership and M&A timeline",
  "summary": "Who owns the cooling supply base, when it changed, and which source said so — transactions dated as events, ownership stated as current fact.",
  "version": "2026-09-03",
  "revision": null,
  "revisionPublishedAt": null,
  "changeEvent": null,
  "recordsReviewedTo": "2026-09-03",
  "publisher": "https://www.datacenterchill.com/",
  "license": "Free to use and republish with attribution to DataCenterChill.",
  "corrections": "https://www.datacenterchill.com/corrections",
  "methodology": [
    "Transaction rows come from the intelligence records categorised as M&A, each with its own sources and date of publication.",
    "Ownership rows are the current-state field on a company record, dated to that record's last review rather than to the transaction.",
    "A company whose ownership this database has not established is absent rather than listed as independent, because those are different claims.",
    "Former names are kept as aliases on the company record, so a search for the old name finds the current one."
  ],
  "limits": [
    "Private transactions are often unannounced or unvalued. A missing row is not evidence of independence.",
    "Deal values are excluded entirely: reported figures for private cooling transactions are unreliable and rarely comparable.",
    "Ownership is stated at the level a source supports, which for a subsidiary of a conglomerate may be the group rather than the intermediate holding company.",
    "The timeline starts where this database's coverage starts, not at the beginning of the industry."
  ],
  "records": 41,
  "columns": [
    "date",
    "kind",
    "subject",
    "detail",
    "status",
    "verification",
    "sources",
    "record"
  ],
  "rows": [
    {
      "date": "Sept. 3, 2026",
      "kind": "Minority investment",
      "subject": "DCX Liquid Cooling",
      "detail": "LITEON Technology agreed to a strategic investment giving it approximately 25% of DCX POLSKA, at a stated total transaction value of approximately US$176 million. DCX remains majority-held by its existing owners; the stake takes effect on closing.",
      "status": "Pending close · On satisfaction of regulatory and closing conditions; no date stated",
      "verification": "Source checked",
      "sources": "2",
      "record": "https://www.datacenterchill.com/news/liteon-takes-minority-stake-in-dcx"
    },
    {
      "date": "Sept. 3, 2026",
      "kind": "Current ownership",
      "subject": "DCX Liquid Cooling",
      "detail": "Privately held; LITEON Technology agreed on 3 September 2026 to acquire approximately 25% for a stated US$176 million, subject to regulatory and closing conditions",
      "status": "Subject to a pending transaction",
      "verification": "Company reported",
      "sources": "2",
      "record": "https://www.datacenterchill.com/companies/dcx-liquid-cooling"
    },
    {
      "date": "Sept. 3, 2026",
      "kind": "Current ownership",
      "subject": "LITEON Technology",
      "detail": "Public",
      "status": "Subject to a pending transaction",
      "verification": "Source checked",
      "sources": "3",
      "record": "https://www.datacenterchill.com/companies/liteon"
    },
    {
      "date": "March 3, 2026",
      "kind": "Transaction",
      "subject": "Trane Technologies completes LiquidStack acquisition",
      "detail": "Trane closed its acquisition of LiquidStack, adding direct-to-chip distribution and immersion systems to its thermal portfolio.",
      "status": "Not stated",
      "verification": "Source checked",
      "sources": "1",
      "record": "https://www.datacenterchill.com/news/trane-completes-liquidstack-acquisition"
    },
    {
      "date": "July 2, 2026",
      "kind": "Transaction",
      "subject": "Ecolab buys CoolIT Systems for about 4.75 billion dollars",
      "detail": "A water treatment company now owns one of the largest makers of cold plates and coolant distribution units. The deal closed on 2 July 2026.",
      "status": "Not stated",
      "verification": "Source checked",
      "sources": "2",
      "record": "https://www.datacenterchill.com/news/ecolab-completes-coolit-systems-acquisition"
    },
    {
      "date": "Feb. 28, 2025",
      "kind": "Transaction",
      "subject": "Schneider Electric completes controlling investment in Motivair",
      "detail": "Schneider acquired 75% of Motivair, adding specialist liquid-cooling capability to its data-center platform.",
      "status": "Not stated",
      "verification": "Source checked",
      "sources": "1",
      "record": "https://www.datacenterchill.com/news/schneider-electric-completes-motivair-acquisition"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Accelsius",
      "detail": "Innventure",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/accelsius"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "CoolIT Systems",
      "detail": "Subsidiary of Ecolab (NYSE: ECL)",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/coolit-systems"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "GRC",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/grc"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "LiquidStack",
      "detail": "Trane Technologies",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/liquidstack"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Motivair",
      "detail": "Schneider Electric (controlling interest)",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/motivair"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Schneider Electric",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/schneider-electric"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Submer",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/submer"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Vertiv",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/vertiv"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "ZutaCore",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/zutacore"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Alfa Laval",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/alfa-laval"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Asetek",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/asetek"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Asperitas",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/asperitas"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Boyd",
      "detail": "Engineered Materials business; former Thermal business sold to Eaton",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/boyd"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Carrier",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/carrier"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Chilldyne",
      "detail": "Daikin Applied",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/chilldyne"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Daikin",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/daikin"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Danfoss",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/danfoss"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Dell Technologies",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/dell-technologies"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Delta Electronics",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/delta-electronics"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "HPE",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/hpe"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Iceotope",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/iceotope"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "JetCool",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/jetcool"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Johnson Controls",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/johnson-controls"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Lenovo",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/lenovo"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Midas Immersion Cooling",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/midas-immersion-cooling"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Modine",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/modine"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Munters",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/munters"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "nVent",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/nvent"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Rittal",
      "detail": "Friedhelm Loh Group",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/rittal"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "STULZ",
      "detail": "Private",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/stulz"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Supermicro",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/supermicro"
    },
    {
      "date": "Aug. 9, 2026",
      "kind": "Current ownership",
      "subject": "Trane Technologies",
      "detail": "Public",
      "status": "Current",
      "verification": "Company reported",
      "sources": "1",
      "record": "https://www.datacenterchill.com/companies/trane-technologies"
    },
    {
      "date": "Aug. 31, 2026",
      "kind": "Acquisition",
      "subject": "Kelvion",
      "detail": "SLB agreed to acquire 100% of Kelvion from Apollo-managed funds and funds advised by Triton for approximately $3.4 billion in cash plus approximately $0.7 billion of assumed debt. Ownership does not change until the transaction closes, which the parties expect in the first half of 2027.",
      "status": "Pending close · First half of 2027, subject to regulatory approvals",
      "verification": "Source checked",
      "sources": "3",
      "record": "https://www.datacenterchill.com/news/slb-agrees-to-acquire-kelvion"
    },
    {
      "date": "Aug. 31, 2026",
      "kind": "Current ownership",
      "subject": "Kelvion",
      "detail": "Apollo-managed funds (majority) and funds advised by Triton (minority); pending acquisition by SLB announced 31 August 2026, expected to close in the first half of 2027",
      "status": "Subject to a pending transaction",
      "verification": "Company reported",
      "sources": "4",
      "record": "https://www.datacenterchill.com/companies/kelvion"
    },
    {
      "date": "Aug. 31, 2026",
      "kind": "Current ownership",
      "subject": "SLB",
      "detail": "Public",
      "status": "Subject to a pending transaction",
      "verification": "Source checked",
      "sources": "3",
      "record": "https://www.datacenterchill.com/companies/slb"
    }
  ]
}