The Investor
31 Aug 2026, 16:34
SLB to Acquire Data Center Cooling Specialist Kelvion for $4.1 Billion
SLB (NYSE: SLB) has agreed to acquire Kelvion from Apollo-managed funds and Triton in a transaction valued at approximately $4.1 billion, significantly expanding its exposure to the rapidly growing AI data center infrastructure market.
Under the agreement, SLB will pay approximately $3.4 billion in cash and assume around $700 million of Kelvion debt. Apollo funds currently own a majority stake in Kelvion, while Triton holds a minority interest.
Kelvion develops advanced thermal management and cooling systems for data centers and industrial customers. Data centers have become the company's largest and fastest-growing segment as rising AI computing requirements drive demand for increasingly sophisticated cooling infrastructure.
The acquisition will complement SLB's existing data center solutions business, which has expanded rapidly over the past three years and expects cumulative deliveries to exceed 2 gigawatts globally by year-end.
SLB said adding Kelvion will more than double its potential revenue opportunity for each gigawatt of data center capacity delivered. The deal therefore represents a significant expansion beyond SLB's traditional energy technology operations and positions the company to capture more spending from the global AI infrastructure buildout.
The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions.
SLB (NYSE: SLB) has agreed to acquire Kelvion from Apollo-managed funds and Triton in a transaction valued at approximately $4.1 billion, significantly expanding its exposure to the rapidly growing AI data center infrastructure market.
Under the agreement, SLB will pay approximately $3.4 billion in cash and assume around $700 million of Kelvion debt. Apollo funds currently own a majority stake in Kelvion, while Triton holds a minority interest.
Kelvion develops advanced thermal management and cooling systems for data centers and industrial customers. Data centers have become the company's largest and fastest-growing segment as rising AI computing requirements drive demand for increasingly sophisticated cooling infrastructure.
The acquisition will complement SLB's existing data center solutions business, which has expanded rapidly over the past three years and expects cumulative deliveries to exceed 2 gigawatts globally by year-end.
SLB said adding Kelvion will more than double its potential revenue opportunity for each gigawatt of data center capacity delivered. The deal therefore represents a significant expansion beyond SLB's traditional energy technology operations and positions the company to capture more spending from the global AI infrastructure buildout.
The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions.
