SLB to expand data center business with $3.4 billion deal for Kelvion

SLB on Monday said it will acquire cooling equipment maker Kelvion from Apollo ‌Global for $3.4 billion ⁠in ⁠cash, expanding its data center business as rapid AI adoption drives demand for power and cooling infrastructure.

The oilfield ​services company ⁠will also ‌assume about $700 million ​of ​Kelvion's debt under ⁠the deal, which is expected ​to close in the first ​half of 2027.

The acquisition of Kelvion, majority owned by Apollo-managed funds, is expected ‌to strengthen SLB's data center solutions business with critical thermal ⁠management technologies.


SLB will also acquire funds advised by Triton, which ​hold a minority interest in the cooling equipment maker.