SLB has entered into a definitive agreement to acquire 100% of German thermal management solutions manufacturer Kelvion for approximately $3.4 billion in cash and the assumption of approximately $0.7 billion of debt. Kelvion is majority owned by Apollo-managed funds, while funds advised by Triton hold a minority interest that will also be acquired.
Kelvion develops and manufactures thermal management solutions for industrial and energy infrastructure markets. With support from Apollo Infrastructure Group and Apollo’s Hybrid Value franchise, the company has increased its strategic focus and investment in serving data centers, now its largest and fastest-growing segment.
SLB expects Kelvion’s thermal management technologies to complement its data center solutions business and expand its role in data center infrastructure. SLB said its data center solutions business has grown rapidly over the past three years and expects cumulative deliveries to exceed 2 GW globally by year-end.
“AI is driving the most significant infrastructure investment cycle in our lifetime. This transaction accelerates our ambition to become an industrial technology partner to the data center industry and help customers address the growing infrastructure complexity required to scale AI,” said Olivier Le Peuch, Chief Executive Officer of SLB.
Apollo Funds completed their investment in Kelvion in January 2026. The sale is subject to closing conditions, including regulatory approvals, and is expected to close in the first half of 2027.
