Apollo-Managed Funds to Sell Kelvion to SLB in $4.1 Billion Deal

07:30 AM EDT, 08/31/2026 (MT Newswires) -- Apollo Global Management (APO) said funds it manages have agreed to sell cooling systems firm Kelvion to SLB (SLB) for $3.4 billion in cash, with SLB assuming approximately $700 million of debt, the companies said Monday. The sale includes Apollo-managed funds' majority stake in Kelvion and a minority stake owned by funds advised by Triton, the companies said. Kelvion has increased its strategic focus and investment in serving data centers, its largest and fastest-growing segment, the companies said. The transaction, subject to closing conditions and regulatory approvals, is expected to close in the first half of 2027. SLB shares were up 1.2% in recent premarket trading.