SLB to expand data center business with $3.4 billion deal for Kelvion
Reuters2026/08/31 11:07Adds details from paragraph 2
Aug 31 (Reuters) - SLB SLB.N on Monday said it will acquire cooling equipment maker Kelvion from Apollo Global APO.N for $3.4 billion in cash, expanding its data center business as rapid AI adoption drives demand for power and cooling infrastructure.
The oilfield services company will also assume about $700 million of Kelvion's debt under the deal, which is expected to close in the first half of 2027.
The acquisition of Kelvion, majority owned by Apollo-managed funds, is expected to strengthen SLB's data center solutions business with critical thermal management technologies.
SLB will also acquire funds advised by Triton, which hold a minority interest in the cooling equipment maker.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Jonathan Ananda)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Strategy Holds STRC Preferred Dividend at 12% for September, Signaling Confidence in Bitcoin Strategy
Crypto Accumulation Firms’ Market Cap Climbs 10% to $340B, Still Below Late-2024 Peak
Crypto Futures Liquidations Surpass $116 Million in One Hour as Market Volatility Intensifies
Crypto prices
More
