SLB, the world's largest oilfield services company, is investing $3.4 billion to expand into the infrastructure behind the AI data center boom. The company announced it will acquire German cooling equipment maker Kelvion, more than doubling the revenue opportunity per gigawatt of data center capacity.
SLB will pay approximately $3.4 billion in cash to acquire Kelvion and assume another $700 million of debt. The transaction is expected to close in the first half of 2027, subject to regulatory approvals.
Kelvion is expected to generate $2.3 billion to $2.4 billion in revenue this year, including $1.2 billion to $1.3 billion from data centers, which now represent its largest and fastest-growing market.
SLB expects its data center business and Kelvion to generate more than $2 billion in combined data center revenue in 2026.
