SLB to Buy Kelvion for $4.1 Billion in AI Data Center Push

SLB, best known for oilfield technology and services, has been expanding into data center infrastructure through engineering, modular manufacturing, offsite construction and digital systems. The surge in artificial intelligence computing is raising rack power densities and making cooling a critical constraint on new capacity. Buying century-old Kelvion would add heat-exchange and thermal-management technologies, broadening SLB’s role in the physical infrastructure needed to scale AI.

SLB said on Aug. 31, 2026, that it agreed to acquire Kelvion from Apollo-managed funds and funds advised by Triton for about $3.4 billion in cash while assuming roughly $700 million of debt, valuing the transaction at approximately $4.1 billion. The deal is expected to close in the first half of 2027, subject to regulatory approvals. Kelvion forecasts 2026 revenue of $2.3 billion to $2.4 billion, including $1.2 billion to $1.3 billion from data centers.