SLB has agreed to acquire German thermal management specialist Kelvion from Apollo-managed funds, which hold a majority stake, and Triton-advised funds holding a minority stake, in a transaction valued at roughly $4.1 billion including assumed debt. The deal, announced Monday and expected to close in the first half of 2027 subject to regulatory approvals, comprises approximately $3.4 billion in cash plus about $700 million of debt SLB will take on, equating to about 11 times estimated 2026 EBITDA before synergies and roughly 8.5 times after expected savings. Kelvion, headquartered in Herne, Germany, makes heat exchangers and thermal systems for data-center, energy and industrial markets and is projected to generate $2.3 billion to $2.4 billion in 2026 revenue and $350 million to $400 million in adjusted EBITDA, with data centers contributing $1.2 billion to $1.3 billion as its largest and fastest-growing segment. The purchase accelerates SLB’s push to become a technology partner to the data-center industry as AI workloads lift demand for cooling infrastructure, more than doubling SLB’s revenue opportunity per gigawatt of delivered capacity; the combined data center solutions business is targeted to reach $4.5 billion to $5 billion in revenue and $700 million to $800 million in adjusted EBITDA by 2028, with about $120 million in annual EBITDA synergies within three years of closing and an expected lift to earnings and free cash flow per share in the first year after completion. SLB ended the second quarter with $4.07 billion in cash and short-term investments and $8.73 billion in net debt, has reaffirmed plans to return more than $4 billion to shareholders this fiscal year, and saw shares rise about 3.4% to $59.30 on Monday.