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SLB N.V. to Acquire Kelvion in $3.4B Deal, Enhancing Data Center Solutions
By KlickAnalytics Data Insights | August 31, 2026 08:03PM ET
Key Points
- SLB N.V. to acquire thermal management provider Kelvion in a $3.4 billion cash deal
- Acquisition aims to strengthen SLB's data center business amid rising oil prices
- SLB experiencing growth with focus on digital, subsea, and data center segments
- Deal expected to close in first half of 2027, subject to regulatory approvals
- Apollo-managed funds agree to sell Kelvion to SLB for $3.4 billion
SLB N.V., a global energy technology company listed on the NYSE, has announced its plans to acquire thermal management and heat-exchange technology provider Kelvion in a deal worth approximately $3.4 billion in cash, along with assuming around $700 million in debt. The acquisition is expected to bolster SLB's Data Center Solutions business, specifically targeting the booming AI data center cooling market.
The agreement, which is set to close in the first half of 2027 pending customary conditions and regulatory approvals, comes at a time when SLB is experiencing positive growth driven by increasing oil prices and the recent announcement of the Kelvion acquisition. This move marks a new growth chapter for SLB, as it aims to leverage its legacy oilfield services alongside new digital, subsea, and data center catalysts to drive sustainable revenue streams.
With a focus on reducing its reliance on new-well drilling, SLB has diversified its business through recent acquisitions and segment expansion. The company's Q2 2026 results showcased a 3% sequential revenue growth, margin expansion, and strong performance in the data center segment, despite challenges in the Middle East market.
The $3.4 billion acquisition of Kelvion underscores SLB's commitment to enhancing its data center solutions portfolio. By acquiring a leading provider of thermal management technologies, SLB aims to strengthen its presence in the rapidly growing data center infrastructure market. This strategic move is part of SLB's broader strategy to capitalize on the AI-driven infrastructure investment cycle.
In a separate announcement, Apollo-managed funds have agreed to sell Kelvion to SLB for $3.4 billion in cash, with SLB also assuming approximately $0.7 billion in debt. This transaction further solidifies SLB's position in the thermal management and heat-exchange technology space, positioning the company for continued growth in the data center segment.
Overall, SLB's acquisition of Kelvion represents a significant step towards enhancing its data center solutions business and expanding its role in the evolving technology market. By leveraging key strategic acquisitions and focusing on high-growth segments, SLB is poised for sustained growth and value creation in the coming years.
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