SLB, the energy technology company formerly known as Schlumberger, is spending $3.4 billion in cash to acquire German heat exchange specialist Kelvion. The deal, announced on August 31, values Kelvion at roughly $4.1 billion in total enterprise value when you factor in about $700 million in assumed debt.
That $4.1 billion price tag works out to approximately 11 times Kelvion’s estimated 2026 EBITDA before synergies.
The logic behind the deal
Kelvion is projected to generate between $2.3 billion and $2.4 billion in revenue in 2026, with roughly half of that, between $1.2 billion and $1.3 billion, coming from data center customers.
The combined entity expects pro forma data center revenue to exceed $2 billion by 2026, with ambitions to reach $4.5 billion to $5 billion by 2028. The corresponding EBITDA target for that data center business sits at $700 million to $800 million by 2028.
