• SLB will acquire Kelvion for about $4.1 billion, comprising $3.4 billion in cash and roughly $700 million of assumed debt.
• Kelvion’s thermal management technology expands SLB’s exposure to AI data center infrastructure, where cooling and energy efficiency are becoming critical constraints.
• The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions.

SLB has agreed to acquire thermal management specialist Kelvion in a $4.1 billion transaction, expanding its position in the fast-growing infrastructure market supporting artificial intelligence and data centers.

The global energy technology company will pay approximately $3.4 billion in cash and assume about $700 million of debt. SLB will acquire 100% of Kelvion, including the majority stake held by Apollo-managed funds and a minority interest owned by funds advised by Triton.

The deal brings cooling technology further into SLB’s data center strategy. Demand for computing capacity is rising rapidly as companies expand AI infrastructure, increasing pressure on electricity systems, cooling technologies and water resources.

Kelvion develops thermal management systems across data centers, industrial facilities and energy infrastructure. Under Apollo ownership, the company increased its focus on data centers, which have become its largest and fastest-growing business segment.

AI infrastructure drives cooling demand

Thermal management has become increasingly important as AI workloads require more powerful and energy-intensive computing systems.

SLB expects Kelvion to complement its existing data center solutions business and broaden its role across the infrastructure required to operate large computing facilities.

SLB said its data center solutions business has expanded rapidly during the past three years. The company expects cumulative deliveries to exceed 2 gigawatts globally by the end of the year.

Olivier Le Peuch, Chief Executive Officer, SLB, said, “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. Kelvion advances our path toward more integrated data center infrastructure solutions, expands our addressable market — more than doubling our revenue opportunity per gigawatt of delivered capacity — and allows us to scale both our offerings and the global reach of the business.”

The acquisition also gives SLB greater exposure to energy efficiency technologies as data center operators face pressure to manage rising power consumption.

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Apollo exits after infrastructure expansion

Apollo Funds completed their investment in Kelvion in January 2026. During the ownership period, Apollo’s Infrastructure Group and Hybrid Value franchise supported expansion of the company’s workforce and data center operations.

Waleed Elgohary, Partner, Apollo, said, “From the outset, our focus was on giving Kelvion management the resources and strategic support to pursue the Company’s most compelling growth opportunities, chief among them bringing energy efficiency solutions to the AI buildout. Management has done an excellent job executing its strategic plans and collectively we believe long-term growth will accelerate as part of SLB, a global leader in energy services that’s applying its expertise to data center development around the world.”

Apollo Funds have deployed more than $155 billion across infrastructure and infrastructure-related investments during the past five years. The firm has positioned these investments around industrial modernization, energy transition infrastructure and growing demand for large-scale capital.

Andy Blandford, CEO of Kelvion, said: “Today is a significant milestone for Kelvion that reflects the dedication of our employees around the world. I would like to thank Apollo Funds, Triton and our customers for their partnership and support. Together, we have transformed Kelvion into a fast-growing, highly successful global business with leading positions in both Data Centers and Diversified Industrials. We are excited to become part of SLB, a global technology leader whose innovation capabilities, international reach and long-term vision make it an ideal home for Kelvion.”

Energy efficiency becomes an AI investment issue

For investors and executives, the transaction illustrates how AI spending is expanding beyond chips and computing hardware. Capital is increasingly moving into the physical infrastructure required to support higher-density computing.

Cooling efficiency can influence operating costs, electricity demand and the environmental footprint of data centers. That makes thermal management relevant to both infrastructure investment decisions and corporate climate strategies.

The deal will require regulatory approvals and other closing conditions. Completion is expected during the first half of 2027.

As global AI investment accelerates, power availability and cooling capacity are becoming strategic infrastructure considerations. SLB’s purchase of Kelvion places thermal management firmly within that broader race to build computing capacity while controlling energy use and operational risk.