SLB said on Monday it has agreed to acquire cooling equipment maker Kelvion from Apollo Global Management and Triton for $3.4 billion in cash, expanding its presence in the fast-growing data centre infrastructure market.
The U.S.-based oilfield services company will also assume about $700 million in Kelvion debt, with the transaction expected to close in the first half of 2027, subject to customary conditions.
The acquisition is aimed at capitalising on the rapid adoption of artificial intelligence, which is increasing demand for data centres and the electricity and cooling systems needed to operate them reliably.
SLB said Kelvion’s thermal management technology will broaden the equipment it can offer data centre customers and more than double its revenue opportunity per gigawatt of delivered capacity.
The combined data centre solutions business is expected to generate $4.5 billion to $5 billion in revenue and $700 million to $800 million in adjusted EBITDA by 2028, SLB said.
Kelvion’s data centre business is its largest and fastest-growing end market, making the acquisition a strategic move for SLB as it seeks to diversify beyond traditional oilfield services.
The deal also builds on SLB’s recent push into energy infrastructure for artificial intelligence, including a partnership with Liberty Energy to supply modular power and equipment to data centres.
SLB has also partnered with Nvidia to develop an AI platform designed to help energy companies analyse and use large volumes of operational data.
The broader oilfield services industry has increasingly turned to digital technologies as companies seek to improve efficiency, reliability and emissions performance amid changing demand for drilling services.
SLB shares rose about 2% in premarket trading on Monday following the announcement.