SLB to Acquire Kelvion for $3.4B Cash Plus $0.7B Debt, Doubling Data Center Revenue Opportunity
SLB sits 85% above its 52-week low of $31.64.
Summary
SLB agreed to acquire Kelvion, a global thermal management and heat exchange technology provider, for approximately $3.4 billion in cash plus $0.7 billion of assumed debt. The deal expands SLB's Data Center Solutions business and is expected to close in the first half of 2027.
Key Events · M&A and Partnerships · SLB
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Kelvion Acquisition Announced
SLB signed an agreement to acquire Kelvion from Apollo-managed funds and Triton for approximately $3.4 billion in cash plus $0.7 billion of assumed debt, totaling approximately $4.1 billion in transaction value.
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Valuation and Synergy Targets
The deal values Kelvion at approximately 11x estimated 2026 EBITDA before synergies, or 8.5x including expected annual run-rate synergies of $120 million within three years.
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Financial Accretion Expected
SLB expects the transaction to be accretive to both earnings per share and free cash flow per share in the first 12 months following closing, with Kelvion generating $2.3–2.4 billion in 2026 revenue and $350–400 million in adjusted EBITDA.
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Data Center Growth Strategy
The combined data center solutions business is targeting $4.5–5.0 billion in revenue and $700–800 million in adjusted EBITDA by 2028, with pro forma 2026 data center revenue exceeding $2 billion.
Analysis · SLB · Energy & Transportation
SLB is making its largest data center infrastructure bet yet, acquiring thermal management leader Kelvion for approximately $4.1 billion in total transaction value. The deal adds roughly $2.3–2.4 billion in annual revenue and $350–400 million in EBITDA, with management targeting $120 million in annual synergies within three years. At 8.5x EBITDA including synergies, the price is reasonable for a business growing at a 90%+ CAGR in data center revenue. The transaction is expected to be accretive to EPS and free cash flow per share within the first year, and SLB reaffirms its commitment to return over $4 billion to shareholders in 2026. This is a thesis-altering move that positions SLB as a full-stack data center infrastructure provider, not just an energy services company.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 42.5% of the 522 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SLB was trading at $58.53 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $85.1B. The 52-week trading range was $31.64 to $58.82. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.