SLB advances AI data center strategy with $3.4 billion cash acquisition of cooling equipment maker Kelvion; deal more than doubles revenue opportunity per gigawatt

SLB is advancing its AI data center strategy with a $3.4 billion acquisition of Kelvion, a German cooling equipment maker. This move is part of SLB's effort to capitalize on the booming AI infrastructure market, where it currently generates about 2% of its revenue from data centers.¹²

The acquisition, which includes assuming $700 million in debt, is expected to close in the first half of 2027 pending regulatory approvals. SLB anticipates $120 million in annual EBITDA synergies within three years and projects its data center revenue to grow at a compound annual rate above 90% from 2024 to 2026.³⁴

Kelvion is expected to generate $2.3 billion to $2.4 billion in revenue this year, with $1.2 billion to $1.3 billion coming from data centers, its largest and fastest-growing market. The acquisition will enable SLB to target more than $2 billion in combined data center revenue and approximately $300 million in adjusted EBITDA on a pro forma basis by 2026.

Additionally, SLB's existing data center solutions business is projected to exceed 2 GW in delivered capacity by year-end, further solidifying its position in the market. The company is also exploring strategic alliances, such as its recent partnership with Liberty Energy, to enhance its modular data center infrastructure.⁶