Apollo Global Management is in advanced talks to acquire German cooling equipment manufacturer Kelvion from buyout firm Triton, according to a report by Bloomberg citing unnamed people familiar with the matter.
A deal could be announced in the coming days, though discussions could still face delays or collapse.
Apollo emerged as the frontrunner after outbidding rival suitors in a competitive process. Kelvion – formerly the heat exchanger division of GEA Group – produces cooling systems used in data centres, carbon capture facilities, and hydrogen production. Demand for its products has been buoyed by the global build-out of AI-related infrastructure.
Triton acquired Kelvion in 2014 for €1.3bn, including debt, and restructured €600m of bonds tied to the business in 2019, injecting fresh capital to maintain control. Both Apollo and Triton declined to comment.
