Apollo Funds Agree to Sell Kelvion, a Global Leader in Cooling Solutions for Data Centers and Diversified Industrials, to SLB for $4.1 billion

NEW YORK and HERNE, Germany, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that global energy technology company SLB (NYSE: SLB) has entered into definitive agreement to acquire 100% of Kelvion, a leading global developer and manufacturer of thermal management solutions, for approximately $3.4 billion in cash and will assume approximately $0.7 billion of debt. Today, Kelvion is majority owned by Apollo-managed funds; funds advised by Triton hold a minority interest that will also be acquired by SLB.

Kelvion is a global leader in advanced cooling solutions, helping to drive greater efficiency and sustainability for customers across a broad spectrum of industrial and energy infrastructure end-markets. With the support of the Apollo Infrastructure Group and Apollo’s Hybrid Value franchise, Kelvion has grown its global team and increased its strategic focus and investment in serving data centers, which represent its largest and fastest-growing segment.