SLB to Buy Data Center Cooling Firm Kelvion for $4.1 Billion

SLB agreed to acquire Kelvion, a data center cooling equipment manufacturer, for $4.1 billion in an all-cash transaction, according to The Wall Street Journal. The deal marks SLB's largest acquisition outside its core oilfield services business and reflects the company's push to diversify into high-growth infrastructure segments driven by artificial intelligence buildout.

Kelvion specializes in thermal management systems used to cool data centers, a market experiencing surging demand as hyperscalers expand capacity to support AI workloads. SLB has been positioning itself beyond traditional energy services, leveraging its engineering expertise in thermal and fluid dynamics for adjacent markets.

The transaction is expected to close in the coming months, subject to regulatory approvals. SLB did not disclose Kelvion's current revenue or profitability metrics in the initial announcement. The acquisition will be funded through cash on hand and existing credit facilities.