SLB 8-K
PositiveNew guidanceDeal pending
Deal to acquire Kelvion adds data center cooling, more than doubling SLB’s revenue opportunity per gigawatt
Filed 2026-08-31 06:58 ET
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
SLB agreed to acquire Kelvion, a thermal management and heat-exchange technology provider, expanding SLB’s data center infrastructure business. The deal adds cooling capabilities to SLB’s existing modular and engineering offering; SLB says it more than doubles its revenue opportunity per gigawatt of delivered capacity.
Key Figures
- Consideration: approximately $3.4B in cash, plus assumption of approximately $0.7B of debt; sellers are Apollo-managed funds and Triton-advised funds.
- Valuation: approximately 11× estimated 2026 EBITDA before synergies, or 8.5× including expected annual run-rate synergies.
- Closing is expected in H1 2027, subject to customary closing conditions and regulatory approvals.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Kelvion revenue | 2026 | ≈$2.3B–$2.4B | — | — |
| Kelvion adjusted EBITDA | 2026 | ≈$350M–$400M | — | — |
| Kelvion data center revenue | 2026 | $1.2B–$1.3B | — | — |
| SLB Data Center Solutions revenue CAGR | 2024–2026 | >90% | — | — |
| SLB cumulative delivered capacity | By end of 2026 | >2 GW | — | — |
| Combined data center revenue, pro forma | 2026 | >$2B | — | — |
| Combined data center adjusted EBITDA, pro forma | 2026 | ≈$300M | — | — |
| Combined data center solutions revenue | 2028 | $4.5B–$5B | — | — |
| Combined data center solutions adjusted EBITDA | 2028 | $700M–$800M | — | — |
| Annual EBITDA synergies | Within three years | ≈$120M run-rate | — | — |
| EPS and free cash flow per share | First 12 months after closing | Accretive | — | — |
| Net debt-to-EBITDA | Through-cycle | Up to 1.5× | Up to 1.5× | Reaffirmed |
| Shareholder returns | 2026 | >$4B through dividends and share repurchases | — | Reaffirmed |
| Shareholder returns | 2027 | At least in line with 2026 levels | 2026 levels | — |
Investor Takeaways
- Regulatory approvals and closing timing will determine when SLB can begin integrating Kelvion.
- Watch progress toward the expected synergies and the combined data center business’s 2028 targets.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3