SLB to acquire Kelvion for ~$3.4B cash plus $0.7B debt, expanding data center business

SLB LIMITED/NV

• Acquires Kelvion from Apollo and Triton for ~$3.4B cash plus ~$0.7B debt assumed; ~11x 2026E EBITDA pre-synergies.
• Kelvion 2026E revenue $2.3-2.4B, adj EBITDA $350-400M; data center revenue $1.2-1.3B.
• Expects ~$120M annual EBITDA synergies within 3 years; accretive to EPS and FCF per share in first 12 months post-close.
• Combined 2026 data center revenue >$2B, adj EBITDA ~$300M; targeting $4.5-5B revenue and $700-800M adj EBITDA by 2028.
• Expected to close H1 2027 subject to regulatory approvals; net debt/EBITDA stays within 1.5x target; reaffirms >$4B 2026 shareholder returns.