SLB buys Kelvion for a $4.1B cooling bet

SLB agreed to buy Kelvion for about $4.1 billion—$3.4 billion in cash plus $0.7 billion of assumed debt—to add thermal-management hardware to its data-center business. SLB’s announcement says the combined businesses expect more than $2 billion in 2026 data-center revenue, while SLB targets $4.5–$5 billion by 2028 and says modular delivery can cut time to operation by up to 40%. Operators tracking the data-center capex surge should file this as evidence that cooling is moving from a component purchase to a strategic infrastructure layer, though the deal remains subject to approvals and is expected to close in 2027.