SLB, the Houston-based oilfield services company listed on the New York Stock Exchange, has agreed to acquire Kelvion, a global provider of thermal management and heat exchange solutions, for approximately $3.4 billion in cash. The transaction also includes the assumption of roughly $700 million in debt, bringing the total enterprise value to about $4.1 billion.
Kelvion, which operates in data centers, industrial and energy markets, is expected to generate between $2.3 billion and $2.4 billion in revenue in 2026, with adjusted EBITDA projected at $350 million to $400 million. The data center segment is Kelvion’s largest end market, with 2026 revenue estimated at $1.2 billion to $1.3 billion.
The combined entity is projected to exceed $2 billion in data center revenue and around $300 million in adjusted EBITDA by 2026. SLB has set 2028 targets of $4.5 billion to $5 billion in revenue and $700 million to $800 million in adjusted EBITDA for its data center solutions business. The deal is expected to deliver roughly $120 million in annual EBITDA synergies within three years of closing.
The acquisition is structured to be accretive to earnings per share and free cash flow per share within 12 months of completion. SLB expects to close the transaction in the first half of 2027, subject to customary closing conditions and regulatory approvals.
Funds managed by Apollo and funds advised by Triton are selling Kelvion. Olivier Le Peuch, SLB’s chief executive officer, stated the deal accelerates the company’s ambition to become an industrial technology partner for the data center sector.
