SLB to acquire Kelvion for $4.1 billion to expand AI data center cooling

SLB has agreed to acquire Kelvion, a German-based specialist in thermal management and heat exchange technologies, in a deal valued at approximately $4.1 billion. The transaction consists of $3.4 billion in cash and the assumption of roughly $700 million in debt. Kelvion is being acquired from majority owner Apollo Global Management and minority shareholder Triton.

The acquisition is a strategic move to expand SLB’s Data Center Solutions business, targeting the rapid growth in infrastructure required for artificial intelligence. As AI workloads increase computing density and heat production, Kelvion’s cooling and heat-rejection technologies are expected to play a critical role. SLB aims to provide integrated, modular infrastructure solutions that can reduce on-site construction complexity and accelerate deployment times.

SLB projects that the combined data center solutions business will generate between $4.5 billion and $5 billion in revenue by 2028, with adjusted EBITDA between $700 million and $800 million. The deal is expected to close in the first half of 2027, pending regulatory approvals and customary closing conditions.