Schlumberger (SLB)가 열 관리 회사 Kelvion을 $3.4 billion에 인수하여 데이터 센터 인프라 서비스를 확대한다.

SLB announced it has signed a definitive agreement to acquire Kelvion, a global provider of thermal management and heat exchange technologies, for approximately $3.4 billion in cash, with SLB assuming roughly $0.7 billion in existing debt. Including the debt assumption, the total transaction value reaches approximately 11 times Kelvion's estimated 2026 EBITDA before synergies, or 8.5 times factoring in expected cost and revenue synergies. The acquisition is expected to close in the first half of 2027, subject to regulatory approvals.

SLB is purchasing Kelvion from Apollo-managed funds, which hold a majority stake, and Triton-advised funds, which hold a minority interest. The deal represents a major expansion of SLB's data center infrastructure business as the oilfield services giant moves deeper into one of the energy sector's fastest-growing markets. On a pro-forma basis, SLB and Kelvion are expected to generate more than $2 billion in data center revenue and approximately $300 million in adjusted EBITDA in 2026. SLB is targeting $4.5 to $5 billion in revenue and $700 to $800 million in adjusted EBITDA for its combined data center solutions business by 2028, with annual EBITDA synergies of approximately $120 million expected within three years.

CEO Olivier Le Peuch described AI as driving "the most significant infrastructure investment cycle in our lifetime" and framed the acquisition as positioning SLB as an "industrial technology partner to the data center industry." Gavin Rennick, president of SLB's New Energy and Industrial business, emphasized that thermal management is central to scaling AI infrastructure. The deal more than doubles SLB's revenue opportunity per gigawatt of delivered capacity.

Kelvion generated total revenue between $2.3 and $2.4 billion in 2026, with $1.2 to $1.3 billion from data centers, its largest and fastest-growing end market. Adjusted EBITDA is expected to land between $350 and $400 million for the year. Kelvion CEO Andy Blandford called the acquisition "a significant milestone," crediting employees and investors for transforming Kelvion into "a fast-growing, highly successful global business."

The deal reflects broader industry dynamics. Global data center electricity demand rose 17% in 2025, with AI-focused data centers growing substantially faster than overall global electricity demand growth of 3%. Capital expenditure from five large technology companies surpassed $400 billion in 2025 and is projected to rise another 75% in 2026. The International Energy Agency projects data center electricity consumption will double by 2030, while power use from AI-focused data centers specifically is set to triple.

SLB's data center solutions revenue has grown at a compound annual growth rate exceeding 90% between 2024 and 2026, with cumulative delivered capacity projected to surpass two gigawatts by end of 2026. The company expects the acquisition to be accretive to earnings per share and free cash flow per share within the first 12 months after closing, while reaffirming its commitment to return more than $4 billion to shareholders in 2026 through dividends and share repurchases and maintaining its net debt-to-EBITDA ratio within its through-cycle target of up to 1.5 times.