Vertiv Acquires Utility Innovation Holdings for $1.45 Billion
On September 2, 2023, Vertiv Holdings Co. announced the acquisition of Utility Innovation Holdings for $1.45 billion, with an additional $1.15 billion contingent on milestone achievements. This acquisition positions Vertiv to expand its offerings into microgrid solutions and upstream power architecture, essential for the evolving demands of AI data centers.
The global data center investment is projected to reach $3 trillion by 2030, according to JLL Research. In Q2 2023, Vertiv reported sales of $3.2 billion and an adjusted free cash flow increase of 234% year-over-year to $925 million. The company anticipates earnings per share to rise significantly, potentially reaching $6.70 by 2026.
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