Apollo agreed to sell Kelvion, a global maker of thermal management and cooling systems, to energy tech group SLB for $4.1bn, striking the deal barely seven months after Apollo acquired the business. Under the terms, SLB will acquire 100% of Kelvion for about $3.4bn in cash and assume roughly $700m of debt. Funds advised by Triton, which hold a minority stake, will also sell to SLB.

Apollo's funds only closed their investment in Kelvion in January 2026, making the agreed sale one of the faster exits of its size in the current market. With backing from the Apollo Infrastructure Group and Apollo's Hybrid Value franchise, Kelvion expanded its global team and sharpened its focus on serving data centres, now its largest and fastest-growing segment.

That repositioning is what made it attractive to a strategic buyer looking to scale into data centre infrastructure.