The oil services company Schlumberger (SLB) has announced the purchase of Kelvion, a company focused on cooling solutions and thermal management for data centers, for a total amount of 3.4 billion dollars (about 3 billion euros). In the operation, the Apollo fund, which held a majority stake in the firm, is listed as one of the main sellers.
With this acquisition, SLB strengthens its data center solutions division by incorporating advanced thermal management technologies and consolidating its presence in one of the most dynamic growth industrial and technological segments on a global scale.
The Kelvion catalog includes an extensive range of cooling equipment and heat transfer systems, placing its activity at the intersection of two major upward trends: the infrastructure necessary for AI and the transformation of the energy system. In addition to its focus on data centers, the company operates in various energy and industrial markets, such as heat pumps, renewable energies, carbon capture, and processing solutions.
The agreement involves the disbursement of 3.4 billion dollars in cash to funds managed by Apollo, holder of the majority of the capital, and to Triton funds. At the same time, SLB will assume about 700 million dollars (600 million euros) of debt associated with Kelvion.
"AI is driving the most important infrastructure investment cycle of our time. This transaction accelerates our ambition to become an industrial technology partner for the data center sector and help customers address the growing complexity of the infrastructure needed to scale AI. Kelvion allows us to move towards more integrated data center infrastructure solutions, expand our potential market (...) and broaden both our offering and the global reach of the business," stated SLB CEO Olivier Le Peuch.
"Today is an important milestone for Kelvion that reflects the dedication of our employees around the world. I would like to thank Apollo Funds, Triton, and our customers for their collaboration and support. Together, we have transformed Kelvion into a rapidly growing and highly successful global company, with leadership positions in both data centers and diversified industries," stated Kelvion CEO Andy Blandford.
"From the beginning, we focused on providing Kelvion's management with the necessary resources and strategic support to take advantage of the company's most promising growth opportunities, mainly the implementation of energy efficiency solutions in the development of AI," indicated Apollo partner Waleed Elgohary.