SLB Corporation has signed a definitive agreement to acquire Kelvion. The American company will pay approximately $3.4 billion in cash. In addition, SLB will assume roughly $0.7 billion in debt. The total transaction value will reach $4.1 billion. This was announced in an official press release from the companies. Apollo funds hold a controlling stake in Kelvion. Triton funds hold a minority interest. SLB Corporation will acquire both stakes from the current owners.
Kelvion develops cooling solutions for industrial infrastructure. The manufacturer creates thermal management systems for the energy sector. The data center segment is the company's largest business line. It is also Kelvion's fastest-growing division. The purpose of the acquisition is to expand SLB's technological capabilities. The American corporation is strengthening its position in the data center space. SLB's division supplies solutions for data centers. Combined deliveries will exceed two gigawatts by year-end.
The deal will more than double the company's potential revenue. Each gigawatt of commissioned capacity will generate significantly more income. SLB CEO Olivier Le Peuch commented on the agreement. He described the deal as an acceleration of the company's ambition to become an industry partner. The corporation aims to hold leading positions in the field of industrial technology. Apollo funds' investment in Kelvion concluded in January 2026. Over the past five years, Apollo has deployed more than $155 billion. The funds actively invest in infrastructure projects under their own classification.
Guggenheim Securities served as financial advisor to the Apollo funds. UBS AG London Branch also provided advisory services to the seller. Sidley Austin LLP acted as legal counsel. Paul Weiss Rifkind Wharton LLP advised on regulatory matters. Completion of the transaction is subject to receipt of required approvals. The parties must also satisfy other closing conditions. The deal is expected to close in the first half of 2027. SLB Corporation will significantly strengthen its position in the cooling technology market.