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SLB to buy Kelvion for $3.4 billion to back data center cooling

SLB expects the deal to close in the first half of 2027, and it targets $120 million in annual EBITDA synergies within three years.

Reported · Written up by our desk · Mining

Schlumberger, the world’s largest oilfield services company, said it will expand into the infrastructure supporting the AI power boom by acquiring German cooling equipment maker Kelvion.

SLB will pay approximately $3.4 billion in cash for the deal and assume about $700 million of debt, with the transaction expected to close in the first half of 2027 subject to regulatory approvals.

The company expects Kelvion to generate $2.3 billion to $2.4 billion in revenue this year, including $1.2 billion to $1.3 billion tied to data centers, which are described as Kelvion’s largest and fastest-growing market.

SLB also forecasts annual EBITDA synergies of $120 million within three years and projects its Data Center Solutions business to grow at a compound annual rate above 90% from 2024 to 2026, with cumulative delivered capacity exceeding 2 GW by year-end.

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