Mubadala Agrees to Sell Minority Stake in CoolIT to Ecolab in KKR-led $4.75 Billion Transaction

Abu Dhabi, UAE – 26 March 2026 – Mubadala Investment Company (“Mubadala”), an Abu Dhabi-based global investor, today announced that it has entered into a definitive agreement to sell its minority stake in CoolIT Systems (“CoolIT” or “the Company”), a global leader in liquid data center cooling, to Ecolab as part of a transaction valued at $4.75 billion led by KKR.

In 2023, Mubadala invested in CoolIT alongside KKR, which invested through its Global Impact Fund II. A 25-year pioneer in liquid cooling, CoolIT designs and manufactures advanced systems that enable sustainable data center growth as AI-driven compute demand increases. While cooling can account for up to 50% of total facility energy use in traditional air-cooled data centers, liquid-cooled data centers use ~30-40% less energy for cooling while also reducing water consumption as a closed-loop system. Today, leading hyperscalers and data center operators rely on CoolIT’s liquid cooling technologies to improve energy efficiency and support higher-density AI infrastructure across more than 300 data centers globally.

“When Mubadala invested in CoolIT three years ago, we had strong conviction that liquid cooling would become a critical enabler of more sustainable digital infrastructure. Today, CoolIT has established itself as a leading global player in this technology, as the demand for energy‑efficient data‑center solutions accelerates with the rise of AI,” said Abdulla Mohamed Shadid, Head of Energy and Sustainability, Private Equity at Mubadala. 

“Our successful partnership with KKR and the CoolIT management team is a testament to the value that can be created through active management and aligned ownership, and we are proud of what has been achieved together. We are confident that CoolIT will continue to build on this momentum as it enters its next chapter.”

CoolIT has delivered significant operational improvements and growth across the business, driven by a strong ownership mindset, continued product innovation, and expanded relationships with hyperscale customers. Since 2023, the Company has expanded its manufacturing footprint to more than 300,000 square feet, increased coolant distribution unit (CDU) capacity by 25x, and doubled its workforce, adding more than 300 jobs. CoolIT has positioned the business to deliver projected ~4x revenue growth and ~10x EBITDA growth through 2026.

“The acquisition of CoolIT by Ecolab, an industry leader in water management, will be an outstanding outcome for our customers, employees and shareholders alike”, said Jason Waxman, CEO of CoolIT Systems, “Our support and partnership with Mubadala helped to transform CoolIT into a world-class provider of liquid cooling solutions for hyperscale computing. Our commitment to building a strong business in UAE will continue long after the acquisitions closes”.

By 2030, data centers are projected to consume 945 TWh, surpassing the combined current usage of Germany and France, and over double 415TWh in 2024, while their water use is projected to reach 450 million gallons per day – equivalent to the daily use of ~5 million people – up from 292 million gallons in 2022[1]. In 2025, CoolIT’s solutions delivered approximately 2.18 billion kWh in energy savings, enough to power approximately 200,000 homes for one year.

The transaction, which is subject to customary regulatory approvals, is expected to close in Q3 2026.

About Mubadala

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. 

Mubadala’s US$330 billion (AED 1,212 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.    

About CoolIT Systems

CoolIT Systems specializes in scalable liquid cooling solutions for the world’s most demanding high-performance computing environments. Through its broad portfolio of modular direct liquid cooling (DLC) products, CoolIT enables dramatic increases in rack density, component performance and power efficiency across any high-density computing scenario. CoolIT collaborates with the top semiconductor manufacturers and cloud service providers to develop cooling technologies that enable ever greater computing performance and efficiency. Through its Liquid Lab™ R&D centers in Calgary and Taipei, global manufacturing operations in Canada, China, and Vietnam, and on-site support in more than 80 countries, CoolIT serves customers at scale worldwide. Together, CoolIT and its partners are leading the way for widespread adoption of efficient high-density, high-performance computing. For more information about CoolIT Systems, its products and technology, visit http://www.coolitsystems.com