KKR Sells CoolIT Systems to Ecolab for $4.75 Billion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 11 hours ago
0mins
KKR (KKR) announced that it has entered into a definitive agreement to sell CoolIT Systems to Ecolab (ECL) in a transaction valued at $4.75B. The sale will represent one of KKR's largest recent realizations, generating approximately 15x the original equity invested, inclusive of distributions. At the close of the transaction, all CoolIT employees will receive a substantial cash payout on their ownership in the Company. Mubadala Investment Company also served as a co-investor in CoolIT. KKR acquired CoolIT in 2023 through its Global Impact Fund II, which helps scale innovative commercial solutions to global challenges. In 2025, CoolIT's solutions delivered an estimated 2.18 billion kWh in energy savings, enough to power approximately 200,000 homes for one year. Following the close of the transaction, CoolIT's leadership team, led by CEO Jason Waxman, is expected to remain in place and continue to run the business under the CoolIT name. The transaction, which is subject to customary regulatory approvals, is expected to close in Q3 2026.
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Analyst Views on KKR
Wall Street analysts forecast KKR stock price to rise
9 Analyst Rating
9 Buy
0 Hold
0 Sell
Strong Buy
Current: 90.910
Low
145.00
Averages
159.67
High
176.00
Current: 90.910
Low
145.00
Averages
159.67
High
176.00
About KKR
KKR & Co. Inc. is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. The Company’s segments include Asset Management, Insurance and Strategic Holdings. Asset Management segment offers a range of investment management services to investment funds, vehicles and accounts and provides capital markets services to portfolio companies and third parties. Asset Management segment includes five business lines: Private Equity, Real Assets, Credit and Liquid Strategies, Capital Markets and Principal Activities. Insurance segment is operated by Global Atlantic, which is a United States retirement and life insurance company that provides a suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets. Global Atlantic offers individuals fixed-rate annuities and others. Strategic Holdings segment represents its participation in its core private equity strategy.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Employee Cash Payouts: The 650 employees of CoolIT will receive cash payouts equivalent to one to eight years of salary, along with prepaid personal financial coaching and tax preparation services, reflecting KKR's commitment to long-term employee value and its broad-based ownership program.
- Energy Efficiency Gains: CoolIT's liquid cooling systems are utilized in over 300 data centers worldwide, achieving 30-40% energy savings compared to air cooling, with an estimated 2.18 billion kWh of energy saved by 2025, supporting sustainable growth in data centers amid rising AI demands.
- Future Growth Potential: Since 2023, CoolIT has doubled its workforce, expanded manufacturing to over 300,000 square feet, and increased coolant distribution unit capacity by 25 times, with goals of achieving 4x revenue growth and 10x EBITDA growth by 2026, indicating strong market prospects and growth potential.
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- Significant Transaction: KKR announced the sale of CoolIT Systems to Ecolab for $4.75 billion, marking one of KKR's largest realizations, with an expected return of approximately 15 times the original equity invested, showcasing the success of their investment strategy.
- Employee Cash Payouts: Upon closing, CoolIT's 650 employees will receive substantial cash payouts ranging from about one year to over eight years of annual salary, reflecting KKR's commitment to an ownership culture that aligns employee interests with company success.
- Energy Savings Achievement: In 2025, CoolIT's solutions delivered an estimated 2.18 billion kWh in energy savings, enough to power approximately 200,000 homes for a year, underscoring its significance in enabling sustainable data center growth amid rising AI-driven compute demand.
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- Employee Payouts: All 650 CoolIT employees will receive substantial cash payouts ranging from approximately one year to over eight years of annual pay, reflecting KKR's commitment to employee ownership programs and enhancing employee engagement and motivation.
- Energy Efficiency Gains: CoolIT's liquid cooling systems can reduce energy consumption by 30-40% compared to traditional air-cooled data centers, with an estimated 2.18 billion kWh in energy savings projected by 2025, enough to power around 200,000 homes, highlighting its contribution to sustainability.
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- Significant Deal Size: KKR has announced the sale of CoolIT Systems to Ecolab for $4.75 billion, marking one of KKR's largest recent transactions with a return of approximately 15 times the original investment, highlighting KKR's successful investment strategy in the liquid cooling market for data centers.
- Employee Cash Payouts: The 650 employees of CoolIT will receive cash payouts equivalent to one to eight years of salary, along with prepaid personal financial coaching and tax preparation services, reflecting KKR's commitment to long-term employee value and its broad-based ownership program.
- Energy Efficiency Gains: CoolIT's liquid cooling systems are utilized in over 300 data centers worldwide, achieving 30-40% energy savings compared to air cooling, with an estimated 2.18 billion kWh of energy saved by 2025, supporting sustainable growth in data centers amid rising AI demands.
- Future Growth Potential: Since 2023, CoolIT has doubled its workforce, expanded manufacturing to over 300,000 square feet, and increased coolant distribution unit capacity by 25 times, with goals of achieving 4x revenue growth and 10x EBITDA growth by 2026, indicating strong market prospects and growth potential.
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- Employee Cash Payouts: Upon closing, CoolIT's 650 employees will receive substantial cash payouts ranging from about one year to over eight years of annual salary, reflecting KKR's commitment to an ownership culture that aligns employee interests with company success.
- Energy Savings Achievement: In 2025, CoolIT's solutions delivered an estimated 2.18 billion kWh in energy savings, enough to power approximately 200,000 homes for a year, underscoring its significance in enabling sustainable data center growth amid rising AI-driven compute demand.
- Negative Market Reaction: Despite the optimistic outlook of the transaction, KKR's shares have fallen nearly 31% in 2026, with market sentiment trending towards extremely bearish, indicating investor concerns about the company's future performance.
See More
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- Employee Payouts: All 650 CoolIT employees will receive substantial cash payouts ranging from approximately one year to over eight years of annual pay, reflecting KKR's commitment to employee ownership programs and enhancing employee engagement and motivation.
- Energy Efficiency Gains: CoolIT's liquid cooling systems can reduce energy consumption by 30-40% compared to traditional air-cooled data centers, with an estimated 2.18 billion kWh in energy savings projected by 2025, enough to power around 200,000 homes, highlighting its contribution to sustainability.
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