A diverter valve is disclosed for use with a charge air system. The diverter valve may have a plurality of first inlets configured to receive a flow of warmed air, a plurality of second inlets configured to receive a flow of cooled air, and a single outlet. The diverter valve may also have a single valve element movable to any position between a first position at which the plurality of first inlets are fluidly connected to the single outlet and the plurality of second inlets are blocked from the single outlet, and a second position at which the plurality of second inlets are fluidly connected to the single outlet and the plurality of first inlets are blocked from the single outlet.