SLB Agrees to Buy Kelvion for $3.4 Billion in Cash to Expand AI Data Center Cooling Business

SLB N.V. announced on Monday it has signed a definitive agreement to acquire Kelvion, a global provider of thermal management and heat exchange technologies, for approximately $3.4 billion in cash plus the assumption of roughly $700 million in debt, bringing the total transaction value to approximately $4.1 billion. Kelvion is being sold by Apollo-managed funds, which held the majority stake, and funds advised by Triton, which held a minority interest. The deal is expected to close in the first half of 2027, subject to customary regulatory approvals.

Kelvion, headquartered in Herne, Germany, is a leading manufacturer of cooling and heat-transfer solutions, with data centers accounting for more than half of its total sales. In 2026, Kelvion is expected to generate revenue of approximately $2.3 billion to $2.4 billion and adjusted EBITDA of approximately $350 million. The acquisition gives SLB critical thermal management capabilities in one of the world's fastest-growing industrial markets, as demand for AI infrastructure drives unprecedented investment in data center build-out.

For SLB, the deal marks another step in a broader diversification strategy away from pure oilfield services. The company's Q2 2026 results already showed 3% sequential revenue growth, margin expansion, and strong early performance from its Data Center Solutions segment, despite some headwinds in the Middle East. SLB shares rose roughly 1.3% in premarket trading on the announcement, reflecting investor optimism that the Kelvion deal accelerates the company's transition toward more recurring, capital-light revenue streams.