Vertiv agreed to acquire Utility Innovation Holdings, a data-center power company, for $1.45 billion in cash.

The deal comes with additional consideration of up to $1.15 billion based on achieving certain targets for earnings before interest, taxes, depreciation and amortization at the one- and two-year marks, Vertiv said Wednesday.

Vertiv, which provides digital infrastructure, expects the acquisition to be accretive to adjusted earnings per share in the first year following closing. The deal is expected to close in the fourth quarter of this year, pending regulatory approvals.

Utility Innovation brings microgrid controls, onsite power generation and energy-storage orchestration to Vertiv's offerings, the company said.

Vertiv said it expects those additional capabilities to help its data-center customers secure power faster, as the rise in artificial-intelligence demand puts a strain on power supply.

"This broader capability can help customers accelerate time to power and, ultimately, time to first token," Vertiv Chief Executive Gio Albertazzi said.

Utility Innovation was founded in 2020 and is headquartered in Raleigh, N.C. It also has European headquarters in Dublin, Ireland.