SLB to acquire Kelvion for $3.4 billion from Apollo funds

SLB has agreed to acquire Kelvion from funds managed by Apollo for $3.4 billion, according to Investing.com on August 31, 2026. The announcement identifies the buyer, seller and headline transaction value, but does not provide terms such as the funding mix, expected closing date, revenue contribution or projected synergies.

Kelvion is an industrial heat-transfer equipment company, giving the deal a scope beyond SLB’s traditional oilfield-services exposure. The available report does not state whether the acquisition is intended to accelerate a specific product strategy, expand geographic reach or add exposure to energy-transition markets.

For SLB, the direct financial link is the purchase price and the future contribution of Kelvion’s operations to revenue, costs and profit. SLB generated $35.7B of revenue in fiscal 2025, down 1.6% YoY, and reported a 9.4% net margin with diluted EPS of $2.35. Those figures provide the operating backdrop for judging whether the acquisition can offset weakness in the existing business, but the announcement supplies no Kelvion financials against which to measure the deal.

Apollo-managed funds are the sellers, while SLB is the acquiring company. The source does not report opposition to the transaction, regulatory concerns, financing complications or commentary from either company, and it does not establish whether the $3.4 billion price represents a premium or discount to Kelvion’s standalone value.

The next facts to watch are the definitive transaction terms, the expected closing date and SLB’s disclosure of funding, purchase accounting, expected synergies and contribution to earnings. SLB’s next earnings release should provide the first recurring update on integration and financial impact, although no date for that release is included in the supplied material. Until those details are disclosed, the size of the purchase is clear while its effect on SLB’s growth and margins remains unquantified.