SLB Acquires Kelvion for $3.4 Billion

SLB will acquire data center cooling service provider Kelvion for $3.4 billion in cash and assume $700 million in debt, with the transaction expected to be completed in the first half of 2027. Kelvion is currently controlled by funds managed by Apollo Funds, and SLB will also acquire a minority stake from a fund under Triton. This acquisition will expand SLB's business in AI-driven data center infrastructure solutions. SLB expects that within 12 months of the transaction's completion, it will enhance earnings per share and free cash flow per share, and achieve approximately $120 million in annual savings over three years through cost synergies and new revenue. Apollo Funds and Kelvion are advised by Guggenheim Securities and USB AG.

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