◆ THE EXCHANGE · M&A
SLB agrees to buy a German heat-management firm for $4.1bn
The News
SLB announced on August 31, 2026 that it has signed an agreement to acquire Kelvion, a German thermal-management company, from Apollo-managed and Triton-advised funds for roughly $4.1bn including assumed debt, about 11 times Kelvion's estimated 2026 EBITDA before synergies. The deal is subject to conditions, including regulatory approvals, and is expected to close in the first half of 2027.
Chandni Melwani
Founder & Editor
Aug 31, 2026 · 1 MIN READ
Know More
- — Kelvion's expected 2026 revenue: about $2.3bn–$2.4bn, $1.2bn–$1.3bn of it from data centres (unaudited forecasts).
- — Kelvion's expected 2026 adjusted EBITDA: about $350m–$400m.
- — Price: about $3.4bn in cash plus about $0.7bn of assumed debt.
- — Not given in SLB's or Apollo's release: where Kelvion's data-centre revenue comes from by region.
In October 2022, after nearly a century of technology innovation and industrialisation expertise in the energy services industry, Schlumberger renamed itself SLB. It said the new name affirmed its transformation from the world’s largest oilfield services company to a global technology company focused on driving energy innovation. On August 31, 2026, SLB announced an agreement to buy Kelvion, a German heat-exchanger maker whose largest market is data centres.
Kelvion’s own film of a liquid-cooled deployment for Hash House, which Kelvion’s YouTube description calls a global provider of liquid-cooled data-centre solutions. It shows part of the business SLB has agreed to buy. Kelvion published it on its channel in April 2026, and it does not mention SLB or the deal.
SLB says Kelvion more than doubles SLB’s own revenue opportunity for each gigawatt of data-centre capacity it helps deliver. It also says Kelvion advances SLB’s strategy to provide more integrated data-centre infrastructure solutions by combining cooling technologies with its existing engineering, modular manufacturing, offsite construction and digital capabilities.
Baker Hughes, which describes itself as an energy technology company, announced on July 16, 2026 that it had completed its purchase of Chart Industries. Chart’s capabilities include thermal management, and its customers span sectors including data centres.
The Read
SLB already delivers data-centre infrastructure, and the deal would add Kelvion's cooling technology. SLB's chief executive talks of 'more integrated' data-centre infrastructure solutions, and Gavin Rennick, president of its New Energy and Industrial business, of 'more directly embedding thermal management' into its modular infrastructure offering. Both statements point to more of Kelvion's cooling being sold inside SLB's own data-centre projects.
Room for Disagreement
Kelvion already has its own data-centre customers, with revenue from them expected to reach $1.2bn–$1.3bn in 2026, and they may keep buying its cooling separately. SLB's 'more than doubling' is a revenue opportunity per delivered gigawatt, not booked sales, priced at about 11 times Kelvion's estimated 2026 EBITDA before synergies.
Related
Frequently Asked Questions
What does Kelvion actually make?
Heat exchangers and thermal-management systems for data-centre, energy and industrial markets. Kelvion says its advanced air coolers keep server-room cooling even, which prevents server racks from overheating and increases the efficiency of the whole system.
What does a price of about 11 times EBITDA mean?
It compares the price with Kelvion's expected earnings. EBITDA is earnings before interest, tax, depreciation and amortisation, a common rough measure of the cash a business produces from its operations. SLB's figure uses Kelvion's estimated 2026 number before synergies, so it leaves out the roughly $120m a year of EBITDA that SLB expects within three years from cost efficiencies and incremental revenue opportunities. Including those expected run-rate synergies, SLB puts the multiple at about 8.5 times.
Who is selling Kelvion?
Apollo-managed funds, which own a majority of Kelvion, and Triton-advised funds, which hold a minority interest. SLB has agreed to acquire 100% of Kelvion, the minority interest included. Apollo says its funds' investment in Kelvion completed in January 2026.
Sources
- SLB press release via BusinessWire, 'SLB to Acquire Kelvion, Expanding its Role Across Data Center Infrastructure,' August 31, 2026. Primary source for all SLB-side figures, the 'has signed an agreement' wording, and SLB's stated rationale (revenue opportunity per gigawatt, more integrated data-centre infrastructure).
- Apollo IR release, 'Apollo Funds Agree to Sell Kelvion, a Global Leader in Cooling Solutions for Data Centers and Diversified Industrials, to SLB for $4.1 billion,' August 31, 2026. Seller-side source for the $4.1bn figure, the Apollo funds' majority and the Triton-advised funds' minority interest, the 100% SLB has agreed to acquire, and the Apollo funds' investment completing in January 2026.
- SLB, 'Schlumberger Becomes SLB, a Technology Company Driving the Future of Energy,' October 24, 2022. The rebrand and the self-description that replaced oilfield services.
- SLB, 2022 Annual Report, Part I, Item 1 (Business). SLB's wording that the October 2022 rebrand 'affirmed our transformation from the world's largest oilfield services company to a global technology company focused on driving energy innovation,' and that the brand builds on nearly a century of technology innovation and industrialization expertise in the energy services industry.
- Baker Hughes, 'Baker Hughes Completes Acquisition of Chart Industries,' July 16, 2026. The completion announcement, Chart's capabilities including thermal management, and the sectors Chart serves, including data centres.
- Kelvion, Imprint. Lists Kelvion Holding GmbH at Von-der-Heydt Straße 2, 44623 Herne, with its registered office in Bochum and registration at the Amtsgericht Bochum. The basis for describing Kelvion as German.
- Kelvion, 'Data Centre & Server Room Cooling.' Kelvion's own description of its data-centre cooling, including that its advanced air coolers keep server-room cooling even and prevent server racks from overheating.
Chandni Melwani
Chandni Melwani is the founder and editor of New in AI, covering AI agents, M&A, and enterprise adoption. She holds a Master's in Management of Artificial Intelligence from Queen's University and brings a practitioner's perspective from her work in Data and AI leadership.
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