SLB agreed to acquire Kelvion, a global provider of thermal management and heat exchange technologies, for $3.4 billion in cash, the Houston-based oilfield services company said on Monday.
The total transaction value rises to approximately $4.1 billion after accounting for roughly $700 million in assumed debt. The deal is valued at about 11 times Kelvion’s estimated 2026 EBITDA before synergies, or roughly 8.5 times including expected annual run-rate synergies.
Kelvion’s 2026 revenue is projected at $2.3 billion to $2.4 billion, with adjusted EBITDA of $350 million to $400 million. The company’s largest end market, data centers, is expected to generate $1.2 billion to $1.3 billion in revenue by 2026. The combined pro-forma business is anticipated to reach over $2 billion in data center revenue and about $300 million in adjusted EBITDA in 2026.
SLB expects annual EBITDA synergies of approximately $120 million within three years of closing. The combined Data Center Solutions unit targets 2028 revenue of $4.5 billion to $5 billion and adjusted EBITDA of $700 million to $800 million.
The acquisition is expected to be accretive to SLB’s earnings per share and free cash flow per share in the first 12 months post-closing. Apollo-managed funds and Triton-advised funds will sell Kelvion.
The deal is subject to customary closing conditions and regulatory approvals, with completion anticipated in the first half of 2027.
