Energy technology firm SLB is acquiring Kelvion, a global developer and manufacturer of thermal management solutions, from Apollo and Triton Partners in a $4.1bn (€3.5bn) deal.
NYSE-listed SLB has agreed to acquire Apollo’s majority stake and Triton’s minority interest in Kelvion for approximately $3.4bn in cash and will assume around $700m of debt.
Kelvion provides cooling solutions for industrial and energy infrastructure markets. The firm has increased its investment in data centres, which represent its largest segment by revenue growth.
The acquisition extends SLB’s data centre infrastructure operations and broadens its thermal management business.
Waleed Elgohary, partner, Apollo, said: “From the outset, our focus was on giving Kelvion management the resources and strategic support to pursue the company’s most compelling growth opportunities, chief among them bringing energy efficiency solutions to the AI buildout.
“Management has done an excellent job executing its strategic plans and collectively we believe long-term growth will accelerate as part of SLB, a global leader in energy services that’s applying its expertise to data centre development around the world.”
Olivier Le Peuch, CEO, SLB, said: “AI is driving the most significant infrastructure investment cycle in our lifetime. This transaction accelerates our ambition to become an industrial technology partner to the data centre industry and help customers address the growing infrastructure complexity required to scale AI.
“Kelvion advances our path toward more integrated data center infrastructure solutions, expands our addressable market — more than doubling our revenue opportunity per gigawatt of delivered capacity — and allows us to scale both our offerings and the global reach of the business.”
Andy Blandford, CEO of Kelvion, said: “Today is a significant milestone for Kelvion that reflects the dedication of our employees around the world. I would like to thank Apollo Funds, Triton and our customers for their partnership and support.
”Together, we have transformed Kelvion into a fast-growing, highly successful global business with leading positions in both data centres and diversified Industrials.”
In August last year, Apollo announced it was acquiring a majority stake in Kelvion from Triton, a deal that was completed in January 2026.
Investment firm Triton acquired the company, formerly known as GEA Heat Exchangers, in 2014 and later rebranded it as Kelvion.
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