SLB to Acquire Kelvion for $3.4 Billion

Energy technology company SLB announced Monday it has entered into a definitive agreement to acquire Kelvion, a global developer and manufacturer of thermal management solutions, for approximately $3.4 billion in cash. SLB will also assume approximately $0.7 billion in debt as part of the transaction.

Kelvion specializes in advanced cooling solutions designed to enhance efficiency and sustainability across various industrial and energy infrastructure markets. The company's largest and fastest-growing segment is data center cooling, an area where it has significantly increased strategic focus and investment in recent years with the backing of Apollo funds.

SLB stated that Kelvion's technology will complement its existing data center solutions business, expanding its offerings in data center infrastructure. SLB's data center solutions segment has experienced rapid growth, with cumulative deliveries expected to exceed 2 gigawatts globally by the end of this year.

The transaction is subject to customary closing conditions, including regulatory approvals, and is anticipated to be completed in the first half of 2027. Kelvion was previously majority-owned by funds managed by Apollo.