SLB to acquire Kelvion from Apollo funds for $4.1 billion

SLB (NYSE: SLB) has agreed to acquire Kelvion, a thermal management solutions manufacturer, from Apollo (NYSE: APO)-managed funds and minority stakeholder Triton for approximately $4.1 billion, according to a press release statement.

The deal consists of roughly $3.4 billion in cash plus the assumption of approximately $0.7 billion in debt. Apollo-managed funds held a majority stake in Kelvion, with Triton holding a minority interest. Both positions will be acquired by SLB.

Kelvion develops and manufactures cooling and thermal management products serving data centers and industrial end-markets. SLB said its data center solutions business has grown over the past three years and expects cumulative deliveries to exceed 2 gigawatts globally by year-end.

SLB Chief Executive Olivier Le Peuch said the acquisition "accelerates our ambition to become an industrial technology partner to the data center industry" and would more than double the company's revenue opportunity per gigawatt of delivered capacity.

Apollo completed its investment in Kelvion in January 2026. The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other closing conditions.

Guggenheim Securities and UBS AG London Branch served as financial advisors to Apollo and Kelvion. Sidley Austin LLP provided legal counsel, and Paul, Weiss, Rifkind, Wharton LLP served as regulatory counsel.

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