SLB Ltd., the world's largest oil field service provider, has agreed to acquire German cooling equipment maker Kelvion for $3.4 billion in cash to expand into data center services. Under the agreement, SLB Ltd. will also assume $700 million in debt. Kelvion is currently majority owned by Apollo Global Management Inc. funds, with Triton-advised funds holding a minority stake. The transaction is expected to close in the first half of 2027.
SLB acquisition of Kelvion
- ▪SLB Ltd. agreed to acquire German cooling equipment maker Kelvion for $3.4 billion in cash, with the transaction expected to close in the first half of 2027
- ▪As part of the acquisition agreement, SLB Ltd. agreed to assume $700 million of Kelvion's debt
SLB data center services expansion
- ▪SLB Ltd. is the world's largest oil field service provider
- ▪SLB Ltd. agreed to acquire Kelvion to further push its business operations into data center services
Kelvion ownership structure
- ▪German cooling equipment maker Kelvion is majority owned by funds managed by Apollo Global Management Inc.
- ▪Funds advised by Triton hold a minority stake in German cooling equipment maker Kelvion
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