Apollo-managed funds have agreed to sell thermal management specialist Kelvion to energy technology group SLB for approximately $4.1bn, including $3.4bn in cash and the assumption of around $700m of debt.
The transaction will see SLB acquire 100% of Kelvion, with funds advised by Triton also selling their minority stake in the business. The deal is expected to close during the first half of 2027, subject to regulatory approvals and other customary conditions.
Apollo became the majority owner of Kelvion in January 2026 through its Infrastructure Group and Hybrid Value franchise. During its ownership, the firm has supported the company’s expansion and increased its focus on data-centre cooling, which has become Kelvion’s largest and fastest-growing business segment.
Kelvion develops and manufactures thermal management systems used across data centres, industrial applications and energy infrastructure. Its products are designed to improve the efficiency and reliability of cooling-intensive operations.
Apollo said the investment reflected its strategy of deploying capital behind the infrastructure requirements associated with the global expansion of artificial intelligence.
Waleed Elgohary, partner at Apollo, said the firm had focused on providing Kelvion’s management team with the capital and strategic support needed to pursue its highest-growth opportunities, particularly the demand for energy-efficiency technologies linked to AI infrastructure.
Under SLB ownership, Kelvion will be combined with the company’s existing data-centre solutions activities. SLB said the acquisition would strengthen its position in data-centre infrastructure and broaden its thermal management capabilities.
SLB’s data-centre solutions business has expanded rapidly over the past three years and expects cumulative deliveries to exceed 2GW globally by the end of 2026.
The acquisition is part of SLB’s strategy to capture a greater share of the infrastructure investment being driven by AI. The company said adding Kelvion’s thermal management technology would more than double its potential revenue opportunity per gigawatt of delivered data-centre capacity.
For Apollo, the transaction provides an early realisation from an investment completed only at the beginning of this year, highlighting the firm’s ability to deploy capital into businesses benefiting from structural infrastructure trends and attract strategic buyers seeking exposure to those markets.
Apollo said its funds have deployed more than $155bn across infrastructure and infrastructure-related investments during the past five years.
Kelvion CEO Andy Blandford will continue to lead the business following the transaction and said the company had developed strong positions in both data centres and diversified industrial markets during its ownership by Apollo and Triton.
The sale comes amid intense investor and corporate interest in the infrastructure required to support AI computing, with cooling systems becoming increasingly important as data-centre operators manage rising power densities and thermal loads.
Guggenheim Securities acted as lead financial adviser to Apollo and Kelvion, with UBS also advising. Sidley Austin provided legal counsel, while Paul, Weiss, Rifkind, Wharton advised on regulatory matters.
The transaction remains subject to regulatory clearance and other closing conditions and is expected to complete in the first half of 2027.
