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SLB Agrees to Buy Kelvion for $4.1 Billion

9/1/2026

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Summary

Story summary

SLB agreed to acquire German thermal-management firm Kelvion.
The deal values Kelvion at about $4.1 billion, comprising $3.4 billion cash and $700 million debt.
Closing is expected in the first half of 2027, pending regulatory approvals.
Kelvion projects 2026 revenue of $2.3-$2.4 billion, with $1.2-$1.3 billion from data-center sales.
SLB targets $4.5-$5 billion revenue and $700-$800 million adjusted EBITDA for the unit by 2028.

History

Historical Context

In 1998 Siemens bought Westinghouse Power Generation for over $1.5 billion, lifting it to the world’s second-largest power-generation player. The deal marked a pattern of large-scale acquisitions that continued in 1999 with further power-system expansion, setting a template for growth. SLB’s 2024 $4.1 billion agreement to acquire German cooler maker Kelvion follows that same strategy, aiming to replicate Siemens’ post-deal revenue boost.

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Story summary

SLB agreed to acquire German thermal-management firm Kelvion.
The deal values Kelvion at about $4.1 billion, comprising $3.4 billion cash and $700 million debt.
Closing is expected in the first half of 2027, pending regulatory approvals.
Kelvion projects 2026 revenue of $2.3-$2.4 billion, with $1.2-$1.3 billion from data-center sales.
SLB targets $4.5-$5 billion revenue and $700-$800 million adjusted EBITDA for the unit by 2028.

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