CoolIT Systems Sold for US$4.75B in Calgary's Largest Ever Tech Deal

KKR, a leading global investment firm, has announced that it has entered into a definitive agreement to sell CoolIT Systems, a global leader in liquid data center cooling, to Ecolab in a transaction valued at US$4.75 billion. KKR originally acquired CoolIT in 2023. The transaction is expected to close in Q3‑2026, subject to customary regulatory approvals.

At the time of KKR’s acquisition, CoolIT employees became owners in the business through a broad‑based ownership program. As a result of the sale, CoolIT’s 650 employees will receive cash payouts ranging from approximately one year of annual pay to more than eight years of annual pay.

This transaction represents one of the largest technology deals involving a Calgary-based company.

Bennett Jones acted as Canadian counsel for KKR and CoolIT and has a more than 25‑year history advising CoolIT, dating back to its incorporation. The Bennett Jones team was led by Colin R. Perry (Mergers & Acquisitions).

Read the full announcement.