SLB agrees to buy Kelvion for $3.4 billion, assumes $0.7 billion debt
SLB•Acquisition terms
SLB agreed to buy thermal management group Kelvion from Apollo-managed funds and Triton for about $3.4 billion in cash.
The deal includes assumption of about $700 million of debt; total value is about 11x estimated 2026 EBITDA before synergies.
Synergies and outlook
Annual EBITDA synergies are targeted at about $120 million within three years; closing is expected in the first half of 2027.
Kelvion forecast 2026 revenue of about $2.3 billion to $2.4 billion; adjusted EBITDA of about $350 million to $400 million.
Combined data center revenue is seen above $2 billion in 2026; SLB targets $4.5 billion to $5 billion revenue by 2028.
