SLB LIMITED/NV 8K

SLB agreed to acquire thermal management company Kelvion for $3.4 billion in cash plus assumed debt to expand its data center infrastructure business, with the accretive, synergy-generating deal expected to close in the first half of 2027.

On August 31, 2026, SLB (NYSE: SLB) announced it has signed a definitive agreement to acquire Kelvion, a global provider of thermal management and heat exchange technologies, from Apollo-managed funds (majority owner) and Triton-advised funds (minority owner) for approximately $3.4 billion in cash and the assumption of about $0.7 billion of debt, valuing the deal at roughly 11x estimated 2026 EBITDA before synergies (8.5x including expected synergies). The acquisition is intended to significantly expand SLB’s Data Center Solutions business and its role in data center infrastructure—particularly AI-driven, energy-intensive data centers—by integrating Kelvion’s cooling and heat-transfer technologies with SLB’s existing modular manufacturing, offsite construction, engineering and digital capabilities. Kelvion is expected to generate $2.3–2.4 billion of revenue and $350–400 million of adjusted EBITDA in 2026, with data centers as its largest and fastest-growing end market, while SLB projects combined data center revenues of more than $2 billion and approximately $300 million of adjusted EBITDA on a pro forma basis in 2026, and targets $4.5–5.0 billion of revenue and $700–800 million of adjusted EBITDA for the combined data center solutions business by 2028. SLB expects the transaction to be accretive to EPS and free cash flow per share within the first 12 months after closing, to deliver about $120 million of annual EBITDA synergies within three years, to maintain an investment-grade balance sheet with net debt-to-EBITDA at or below its 1.5x through-cycle target, and to continue returning more than $4 billion to shareholders in 2026, with 2027 returns expected to be at least in line; the deal remains subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2027.

Filing Facts

CIK

87347

Ticker

SLB

Form

8K

Source Type

sec

Accession

0001193125-26-375358

Alert Tier

8