Vertiv said on September 2 that it had agreed to acquire Utility Innovation Holdings, which operates as UtilityInnovation Group, subject to regulatory approvals and customary closing conditions. The transaction calls for about $1.45 billion in cash at closing, with additional consideration of up to $1.15 billion if UIG meets specified EBITDA targets over 12- and 24-month periods. Vertiv expects the deal to close in the fourth quarter of 2026.

UIG designs microgrid systems, controls and behind-the-meter power architectures for data centres. Vertiv said the acquisition would extend its portfolio upstream from grid interconnection, adding onsite generation and storage orchestration and microgrid switchgear. At the initial purchase price, the deal equates to about 13 times expected UIG 2027 EBITDA; Vertiv expects it to be accretive to adjusted earnings per share in the first year after completion.