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The New York-based asset manager has hired advisors to help shop CoolIt, sources told the Financial Times. Mubadala, the Abu Dhabi sovereign wealth fund, owns a minority stake in the Canadian firm. KKR and Mubadala declined to comment to the FT, and CoolIt did not respond to The Logic’s request for comment. (Financial Times, The Logic)
Talking point: As its name suggests, the firm designs and manufactures cooling systems. It sells them to data centre operators and customers to pull away the significant amount of heat their servers and other equipment generate while running software and, increasingly, processing AI queries. CoolIt does that by running low-temperature liquids past the hardware, a technique that is fast replacing air cooling as data centres get bigger and hotter. If the firm is sold, it would represent a significant premium on its reported US$270 million valuation when KKR bought it in May 2023.
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