SLB has signed an agreement to acquire Kelvion, bringing heat-exchanger and thermal management technology into SLB’s Data Center Solutions business as it pushes further into data center infrastructure. SLB plans to buy Kelvion for approximately $3.4 billion in cash and assume about $0.7 billion of debt, for a total transaction value of about $4.1 billion.
Kelvion is described as a global provider of thermal management and heat exchange technologies serving data center, energy, and industrial markets. SLB said data centers are Kelvion’s largest and fastest-growing end market, with Kelvion’s 2026 data center revenue expected to reach between $1.2 billion and $1.3 billion.
For data center engineers, the blunt takeaway is that thermal management—often treated as a component choice at the row or CDU level—is being pulled into a broader “integrated infrastructure” scope that combines cooling with modular build and system integration. That approach can change how cooling is procured and deployed, especially where AI-driven density is tightening design margins and forcing closer coordination between power, cooling, controls, and physical integration.
SLB expects Kelvion to generate approximately $2.3 billion to $2.4 billion in revenue in 2026, with adjusted EBITDA of approximately $350 million to $400 million. SLB also said its Data Center Solutions business is expected to grow revenue at a CAGR exceeding 90% between 2024 and 2026, and that delivered capacity is expected to surpass 2 GW cumulatively by the end of 2026. The company said its modular approach can reduce onsite construction complexity and accelerate time to operation by up to 40%.
“Thermal management is central to that challenge, and this acquisition allows us to address it directly by delivering more integrated cooling solutions, accelerating innovation, optimizing thermal efficiency, and more directly embedding thermal management into our modular infrastructure offering,” said Gavin Rennick, president of SLB’s New Energy and Industrial business.
SLB said the deal value represents approximately 11x estimated 2026 EBITDA before synergies, or about 8.5x EBITDA including expected annual run-rate synergies. SLB expects the transaction to be accretive to earnings per share and free cash flow per share in the first 12 months following closing, and said it expects to generate approximately $120 million in annual EBITDA synergies within three years. The transaction is subject to customary closing conditions and regulatory approvals, and SLB expects it to close in the first half of 2027.
On a pro-forma basis in 2026, SLB said SLB and Kelvion together are expected to generate more than $2 billion in data center revenue and approximately $300 million in adjusted EBITDA, and SLB is targeting $4.5 billion to $5 billion in revenue and $700 million to $800 million in adjusted EBITDA for its combined data center solutions business in 2028.
Source: SLB
