(World Oil) – SLB has agreed to acquire thermal management technology provider Kelvion for approximately $3.4 billion in cash, expanding the oilfield services company’s presence in data center infrastructure as artificial intelligence drives increased investment in power and cooling capacity.Under the agreement, SLB will acquire Kelvion from majority owner Apollo-managed funds and minority shareholder Triton. SLB will also assume approximately $700 million of debt. The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary conditions.Kelvion provides thermal management and heat exchange technologies for data centers as well as energy and industrial applications. The company is expected to generate approximately $2.3 billion to $2.4 billion in revenue in 2026, including $1.2 billion to $1.3 billion from data centers, its largest and fastest-growing market.“AI is driving the most significant infrastructure investment cycle in our lifetime,” SLB CEO Olivier Le Peuch said. “This transaction accelerates our ambition to become an industrial technology partner to the data center industry and help customers address the growing infrastructure complexity required to scale AI.”SLB has been expanding its Data Center Solutions business, which combines modular manufacturing, offsite construction, engineering and digital capabilities. Revenue from the business is expected to grow at a compound annual rate exceeding 90% between 2024 and 2026, while cumulative delivered capacity is expected to surpass 2 GW by the end of 2026.The Kelvion acquisition adds cooling and heat-transfer technologies to those capabilities. Outside data centers, Kelvion also supplies technologies used in energy and industrial markets, including carbon capture, processing applications, heat pumps and renewable energy.SLB said the two businesses are expected to generate more than $2 billion in combined data center revenue and approximately $300 million in adjusted EBITDA on a pro forma basis in 2026.By 2028, SLB is targeting $4.5 billion to $5 billion in revenue and $700 million to $800 million in adjusted EBITDA from the combined data center solutions business.SLB expects approximately $120 million in annual EBITDA synergies within three years of completing the acquisition.