SLB agrees $3.4 billion Kelvion acquisition

• SLB agreed to acquire Kelvion for approximately $3.4 billion in cash, adding thermal management and heat exchange technologies.
• Kelvion is expected to generate $2.3 billion–$2.4 billion in 2026 revenue, with data centers as its largest end market.
• SLB said the acquisition will expand its data center solutions business as demand for AI infrastructure grows.

SLB (NYSE:SLB) signed an agreement to acquire Kelvion, a provider of thermal management and heat exchange technologies, for approximately $3.4 billion in cash to expand its data center infrastructure business.

The transaction adds cooling and heat-transfer capabilities to SLB’s Data Center Solutions business as the company increases its focus on infrastructure supporting artificial intelligence and high-performance computing.

Kelvion is expected to generate revenue of approximately $2.3 billion to $2.4 billion in 2026 and adjusted EBITDA of approximately $350 million to $400 million, while SLB will assume approximately $0.7 billion of debt as part of the transaction.

SLB expects the acquisition to be accretive to earnings per share and free cash flow per share within the first 12 months after closing.

SLB provides technology and services to the energy industry and has expanded into industrial and data center infrastructure solutions through its New Energy and Industrial business.

The acquisition is expected to close in the first half of 2027, subject to regulatory approvals, with SLB targeting approximately $4.5 billion to $5 billion in revenue and $700 million to $800 million in adjusted EBITDA for its combined data center solutions business in 2028.