SLB, formerly known as Schlumberger, has agreed to acquire Kelvion, a thermal management and heat exchange specialist, for $4.1 billion. The deal, announced on August 31, involves $3.4 billion in cash plus approximately $700 million in assumed debt, valuing the company at about 11 times Kelvion’s estimated 2026 EBITDA. Kelvion is projected to generate between $2.3 billion and $2.4 billion in revenue for 2026, with more than half, roughly $1.2 billion to $1.3 billion, coming from data center customers alone. SLB expects combined data center revenues exceeding $2 billion and adjusted EBITDA of around $300 million by the end of 2026. The transaction, subject to regulatory approvals, is expected to close in the first half of 2027.
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