SLB to Acquire Kelvion for $4.1 B, Expanding Data Center Cooling Portfolio

SLB disclosed on August 31, 2026 that it has agreed to acquire Kelvion, a thermal management and cooling-solutions specialist for data centers and diversified industrial markets, from funds managed by APO, which holds the majority stake, and funds advised by Triton, which holds the minority stake. SLB will pay approximately $3.4 billion in cash and assume roughly $0.7 billion of Kelvion's debt, for a total transaction value of about $4.1 billion.

The deal, also covered by Dealroom, the Manila Times and Seeking Alpha, underscores SLB's push to build out a role in data center infrastructure, where efficient thermal management is increasingly important to supporting AI-driven compute demand.

Kelvion's portfolio spans liquid and air cooling systems used in high-density server farms, alongside cooling equipment for energy and industrial customers, which the company describes as its largest and fastest-growing segment. Folding that technology into SLB's existing industrial and oilfield-services relationships could let SLB pitch combined power-and-cooling offerings to some of the same infrastructure customers.

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of 2027, according to the companies. Investors may want to watch how SLB finances the cash portion of the deal, whether Kelvion's operations continue smoothly through the ownership transition, and what SLB discloses about revenue contributions from the new data-center cooling business once the deal closes.

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