Apollo, Triton agree to sell Kelvion to SLB for $4.1bn

• SLB will pay approximately $3.4bn in cash and assume about $0.7bn of Kelvion’s debt
• Triton-advised funds’ minority stake in Kelvion is also being acquired by SLB alongside Apollo’s majority holding
• Apollo’s investment in Kelvion, completed in January 2026, marks a rapid exit for its infrastructure-focused platform

Apollo Global Management has agreed to sell Kelvion, a global developer and manufacturer of thermal management technology, to SLB for $4.1 billion.

The deal comprises approximately $3.4 billion in cash plus the assumption of about $0.7 billion of debt, and will see SLB acquire 100 percent of Kelvion. Kelvion is currently majority owned by Apollo-managed funds, with funds advised by Triton holding a minority stake that will also be sold to SLB.

Kelvion serves industrial and energy infrastructure end-markets with cooling and thermal management technology. With backing from Apollo’s Infrastructure Group and its Hybrid Value franchise, the company has grown its global team and increased investment in its data center business, now its largest and fastest-growing segment.

Apollo’s investment in Kelvion, completed in January 2026, reflects the scale of its Infrastructure Group platform, which focuses on capital solutions across the industrial and energy transition sectors. Apollo funds have deployed more than $155 billion across infrastructure and related investments over the past five years, according to the company’s own classification methodology.

“From the outset, our focus was on giving Kelvion management the resources and strategic support to pursue the company’s most compelling growth opportunities, chief among them bringing energy efficiency solutions to the AI buildout,” said Waleed Elgohary, a partner at Apollo, in a statement.

The transaction remains subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2027. Guggenheim Securities acted as lead financial advisor to Apollo and Kelvion, with UBS also advising. Sidley Austin served as legal counsel, while Paul, Weiss, Rifkind, Wharton served as regulatory counsel.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.