Schlumberger Acquires Kelvion for $4.1 Billion to Expand Data Center Cooling Business
Schlumberger Limited (NYSE: SLB), the world's largest oilfield services company, announced on August 31 its acquisition of thermal management firm Kelvion from Apollo Global and Triton funds for approximately $4.1 billion in cash plus assumed debt. The move is part of Schlumberger’s strategy to capitalize on growing demand for data center cooling infrastructure driven by the AI boom. The deal aims to significantly expand Schlumberger's addressable market, more than doubling its revenue opportunity per gigawatt of delivered capacity and enabling it to offer integrated solutions in power and cooling. The company expects the acquisition to be accretive to earnings and free cash flow within a year and generate $120 million annually in EBITDA synergies by 2030. Schlumberger emphasized that this investment will not compromise its commitment to shareholder returns, with plans to return over $4 billion to shareholders in the current fiscal year. The transaction is expected to close in early 2027.
Tickers: $SLB
Topics: AI Data Centers Infrastructure Investment Thermal Management