SLB will acquire German heat-exchange specialist Kelvion from Apollo and Triton in a $3.4bn cash transaction, also assuming roughly $700m of Kelvion’s debt.
The US oilfield services group’s agreement covers both the majority stake held by Apollo-managed funds, whose investment closed in January 2026, and the minority holding of Triton-advised funds.
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Kelvion provides cooling and heat-transfer technology to the data centre, energy and industrial sectors, spanning heat pumps, renewables, carbon capture and processing applications.
The company’s 2026 revenue is projected at roughly $2.3bn to $2.4bn, with adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of around $350m to $400m.
Data centres represent Kelvion’s largest and fastest-expanding segment, with revenue from that market forecast to reach $1.2bn to $1.3bn this year.
SLB calculated the deal at approximately 11 times Kelvion’s projected 2026 EBITDA before synergies are factored in, narrowing to roughly 8.5 times once expected annual run-rate synergies are included.
The purchase brings thermal management capability into SLB’s Data Center Solutions unit, which the company said has expanded at a compound annual growth rate above 90% across 2024 to 2026, with cumulative delivered capacity on track to exceed 2GW worldwide by year-end.
SLB said its modular manufacturing and offsite construction methods can lower onsite construction complexity and shorten time to operation by as much as 40%.
Combined on a pro-forma basis, SLB said the merged operations are expected to produce more than $2bn in data centre revenue and roughly $300m in adjusted EBITDA during 2026.
The company has set a target of $4.5bn to $5bn in revenue and $700m to $800m in adjusted EBITDA for the combined data centre solutions business by 2028.
SLB anticipates the acquisition will add to earnings per share and free cash flow per share within 12 months of closing and expects around $120m in annual EBITDA synergies within three years, driven by cost efficiencies and additional revenue.
The transaction remains subject to standard closing conditions and regulatory clearance, with completion expected in the first half of 2027.
