SLB will acquire 100 percent of Kelvion, a global developer of thermal management technology, for approximately $4.1 billion. The transaction comprises approximately $3.4 billion in cash plus the assumption of about $0.7 billion of debt. Apollo Global Management and Triton-advised funds are selling their stakes in the company.

Kelvion, currently majority owned by Apollo-managed funds with Triton holding a minority position, serves industrial and energy infrastructure end-markets. With backing from Apollo’s Infrastructure Group, the company has grown its global team and expanded its data center business, now its largest and fastest-growing segment. The transaction remains subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2027.

Guggenheim Securities acted as lead financial advisor to Apollo and Kelvion, with UBS also advising. Sidley Austin served as legal counsel, while Paul, Weiss, Rifkind, Wharton served as regulatory counsel.