SLB LIMITED/NV — Form 8-K
Filed August 31, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
SLB signed an agreement to acquire Kelvion, a thermal management and heat exchange technology provider, from Apollo-managed funds (majority owner) and Triton-advised funds (minority) for approximately $3.4 billion in cash plus assumption of ~$0.7 billion debt (total ~$4.1 billion enterprise value, ~11x 2026 EBITDA pre-synergies). Kelvion generated ~$2.3–$2.4 billion revenue and ~$350–$400 million adjusted EBITDA in 2026, with data centers representing $1.2–$1.3 billion. SLB expects ~$120 million annual EBITDA synergies within three years and targets combined data center revenue of $4.5–$5 billion and $700–$800 million adjusted EBITDA by 2028. Close expected H1 2027; accretion to EPS and free cash flow expected within 12 months; net debt-to-EBITDA to remain ≤1.5x.
Why this rating
Meaningful acquisition (~7.5% of SLB market cap in enterprise value) into fast-growing AI data center market; accretive, synergy-rich, expands addressable market and integrated offerings. Material but not transformational relative to SLB's $45.6B scale.
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