- SLB will also assume approximately $0.7 billion of Kelvion’s debt as part of the transaction
- Apollo’s investment in Kelvion, completed in January 2026, expanded the company’s data center-focused business
- Deal is expected to more than double SLB’s revenue opportunity per gigawatt of delivered data center capacity
Apollo has agreed to sell Kelvion, a global developer and manufacturer of thermal management technology, to SLB for approximately $3.4 billion in cash.
SLB will also assume approximately $0.7 billion of Kelvion’s debt. Kelvion is currently majority owned by Apollo-managed funds, with funds advised by Triton holding a minority interest that will also be acquired by SLB.
With backing from Apollo’s Infrastructure Group and its Hybrid Value franchise, Kelvion has grown its global team and increased its focus on serving data centers, now the company’s largest and fastest-growing segment. As part of SLB, Kelvion is expected to complement SLB’s data center business with thermal management technology, expanding the company’s role in data center infrastructure. Apollo Funds’ investment in Kelvion completed in January 2026.
“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,” said Waleed Elgohary, partner at Apollo. “Management has done an excellent job executing its strategic plans and collectively we believe long-term growth will accelerate as part of SLB…”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2027. Guggenheim Securities acted as lead financial adviser to Apollo Funds and Kelvion, with UBS AG London Branch also serving as financial adviser. Sidley Austin served as legal counsel on the transaction, and Paul, Weiss, Rifkind, Wharton served as regulatory counsel.
Editor’s note: This news brief was produced with the assistance of artificial intelligence.