SLB agreed to acquire Kelvion, a Germany-based manufacturer of thermal management solutions, from funds managed by Apollo for approximately $3.4 billion in cash. The transaction also includes the assumption of roughly $700 million in debt.
Kelvion develops cooling systems for industrial and energy infrastructure, with data centers representing its fastest-growing segment. The acquisition complements SLB’s push to expand its data center solutions portfolio, which is targeting cumulative deliveries exceeding 2 gigawatts globally by the end of 2026.
The deal is expected to more than double SLB’s revenue opportunity per gigawatt of delivered capacity, according to the company. SLB CEO Olivier Le Peuch stated the transaction accelerates the company’s ambition to become an industrial technology partner for the data center sector.
Apollo’s infrastructure funds acquired Kelvion in January 2026, part of a broader deployment of over $155 billion in infrastructure investments over the past five years. A minority stake in Kelvion was held by funds advised by Triton, which will also be acquired by SLB.
The acquisition remains subject to regulatory approvals and other closing conditions, with completion anticipated in the first half of 2027. Financial advisors for Apollo and Kelvion include Guggenheim Securities and UBS AG London Branch, while Sidley Austin LLP served as legal advisor and Paul, Weiss, Rifkind, Wharton LLP as regulatory advisor.
