Kelvion to be acquired by SLB for $3.4bn
31st August 2026
USA/GERMANY: Heat exchanger product manufacturer Kelvion is set to be acquired by global energy technology company SLB for approximately $3.4bn, who will assume approximately $0.7bn of debt.
SLB, formerly known as Schlumberger, will acquire the majority shares owned by Apollo-managed funds as well as a minority interest held by Triton.
The acquisition of Kelvion is seen as a way for SLB to strengthen its data centre solutions business with Kelvion’s critical thermal management technologies, expanding SLB’s role in data centre infrastructure. The company’s business is said to have grown rapidly over the past three years and expects cumulative deliveries to exceed 2GW globally by year-end.
“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,” explained SLB CEO Olivier Le Peuch.
“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.”
Kelvion is expected to generate revenue of approximately $2.3bn to $2.4bn this year and adjusted EBITDA of approximately $350m to $400m. Its data centre business is Kelvion’s largest and fastest-growing end market, with revenue expected to reach between $1.2n and $1.3bn in 2026.
Triton acquired Kelvion, the former heat exchanger division of GEA, in 2015, selling a majority stake in the business to Apollo in January of this year.
Related stories:
Kelvion is name for former GEA businesses – 9 November 2015
GERMANY: Kelvion is the new name for a broad portfolio of companies, including Searle, Goedhart and Kuba, formed from the former GEA Heat Exchangers business. Read more…
GEA sells heat exchanger interest for €1.3bn – April 16, 2014
GERMANY: GEA has sold its heat exchanger business to private equity firm Triton for €1.3bn. Read more…
