SLB has agreed to acquire Kelvion, a thermal management solutions provider, for approximately $3.4 billion in cash alongside the assumption of roughly $0.7 billion in debt. The transaction, announced on Monday, is structured as a cash purchase and is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions.
Kelvion develops and manufactures cooling systems for industrial and energy infrastructure, with data centers representing its largest and fastest-growing segment. The acquisition aligns with SLB’s strategy to strengthen its position in the data center industry, where the company expects cumulative deliveries to exceed 2 gigawatts globally by the end of this year.
Olivier Le Peuch, SLB’s chief executive officer, stated that the deal accelerates the company’s ambition to become an industrial technology partner to the data center sector. The transaction is projected to more than double SLB’s revenue opportunity per gigawatt of delivered capacity, according to the company’s assessment.
Apollo-managed funds, which acquired a majority stake in Kelvion in January 2026, are divesting their holdings as part of the sale. Triton holds a minority interest in Kelvion, both of which are being acquired by SLB. Guggenheim Securities served as lead financial advisor to Apollo Funds and Kelvion, while UBS AG London Branch acted as financial advisor. Legal advisory was provided by Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Over the past five years, Apollo Funds have deployed over $155 billion across infrastructure and related investments, reflecting the scale of its portfolio management activities.
