Why it matters
The strategic read
Moves a scaled thermal-management supplier into SLB's integrated data-center infrastructure platform at a value well above the Deal Room threshold. Kelvion expects data centers to be its largest and fastest-growing end market in 2026, while SLB says the combination will pair cooling and heat exchange with modular manufacturing, offsite construction, engineering and digital systems for AI facilities.
Source-supported terms
What was disclosed
- 01
SLB agreed to acquire Kelvion from Apollo-managed funds and Triton-advised funds for approximately $3.4B in cash and assume approximately $0.7B of debt.
- 02
Kelvion supplies thermal-management and heat-exchange technologies across data centers, energy and industrial markets.
- 03
Kelvion expects approximately $2.3B-$2.4B of 2026 revenue and $350M-$400M of adjusted EBITDA; data centers are expected to contribute $1.2B-$1.3B of revenue.
- 04
SLB expects approximately $120M of annual EBITDA synergies within three years and says the deal should be accretive to EPS and free cash flow per share in the first 12 months after closing.
- 05
SLB targets $4.5B-$5B of revenue and $700M-$800M of adjusted EBITDA for the combined data-center solutions business in 2028.
- 06
Closing is expected in the first half of 2027, subject to customary closing conditions and regulatory approvals.
Disclosure boundary
What is known—and what is not
Definitive acquisition agreement announced by SLB. The issuer release identifies the approximately $3.4B cash purchase price, approximately $0.7B of assumed debt, sellers, Kelvion's expected 2026 financial profile, data-center exposure, synergy target and expected closing window. Closing remains subject to customary conditions and regulatory approvals. Public materials do not disclose the purchase agreement, financing terms, jurisdiction-by-jurisdiction approvals, customer concentration, backlog, manufacturing capacity by site, remedies or termination economics.