SLB Agrees to Acquire Kelvion in $3.4 Billion Deal to Expand Data Center Cooling Capabilities
Schlumberger Limited (NYSE: SLB) has agreed to acquire thermal management company Kelvion for approximately $3.4 billion in cash, plus the assumption of about $700 million in debt. The deal is expected to close by mid-2027 and aims to strengthen Schlumberger's position in the fast-growing AI data center cooling market through Kelvion’s heat-exchange technologies. The acquisition will expand SLB’s modular data-center infrastructure business, which has seen rapid growth due to rising demand for advanced computing capabilities. The combined businesses are projected to generate $4.5 billion to $5 billion in revenue and $700 million to $800 million in adjusted EBITDA by 2028. Schlumberger expects the transaction to be accretive to earnings within a year of closing, with annual synergies reaching up to $120 million. CEO Olivier Le Peuch emphasized that thermal management is becoming essential for next-generation computing infrastructure.
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