SLB acquires Kelvion for $3.4B in cash to become a data center cooling powerhouse

Schlumberger (SLB) is acquiring Kelvion for $3.4 billion in an all-cash transaction, marking a significant expansion into the data center cooling sector. The deal positions SLB to strengthen its foothold in a market increasingly critical as computing infrastructure demands surge.

Data center cooling has become a central bottleneck for operators managing power density and operational costs, particularly as AI and crypto infrastructure scale. The acquisition signals SLB's strategic pivot toward high-growth infrastructure segments beyond its traditional oil and gas services business.

• SLB pays $3.4B cash for Kelvion, betting on data center cooling as a major revenue driver.
• The move reflects industry recognition that thermal management is now a core competitive differentiator for computing facilities.
• Acquisition represents SLB's effort to diversify into infrastructure-critical markets with structural tailwinds.