SLB agreed to acquire thermal management company Kelvion from private-equity funds for $4.1 billion, aiming to strengthen its growing data center business.

The oil drilling and production company said Monday that the acquisition is meant to strengthen its growing data center business. “This transaction accelerates our ambition to become an industrial technology partner to the data center industry and help customers address the growing infrastructure complexity required to scale AI,” SLB Chief Executive Olivier Le Peuch said.

Kelvion provides the heating and heat-transfer technology that data centers need to operate. It is expected to generate $2.3 billion to $2.4 billion in revenue this year, more than doubling SLB’s revenue opportunity per gigawatt of delivered computing capacity. Data centers are Kelvion’s biggest and fastest-growing end market, making up more than half of the company’s total sales.

SLB is buying Kelvion from funds managed by Apollo, the majority owner, as well as funds advised by Triton. SLB plans to pay $3.4 billion in cash and assume about $700 million in debt. The company said it expects the deal to be accretive to earnings per share and free cash flow in the first 12 months following close, which is currently slated for the first half of 2027.