SLB to Acquire Kelvion for $3.4 Billion, Expanding Data Center Solutions
SLB has signed an agreement to acquire Kelvion for approximately $3.4 billion, enhancing its capabilities in data center thermal management. This acquisition positions SLB to better meet the rising infrastructure needs driven by AI and data centers, aiming for $4.5 to $5 billion in revenue by 2028.
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SLB will acquire Kelvion from Apollo-managed funds and Triton-advised funds for about $3.4 billion and assume $0.7 billion in debt. The deal, which is expected to close in the first half of 2027, will significantly enhance SLB's thermal management offerings in the data center sector, which is experiencing rapid growth due to AI demands.
SLB anticipates generating over $120 million in annual EBITDA synergies within three years post-acquisition. The combined data center businesses are projected to yield over $2 billion in revenue and $300 million in adjusted EBITDA in 2026.
Moreover, SLB is targeting substantial revenue growth, aiming for $4.5 to $5 billion by 2028. The acquisition reflects increasing investments in infrastructure necessary to support AI development, potentially positioning SLB as a key player in optimizing data center operations.
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