Sidley Represents Apollo Funds in US$4.1 Billion Sale of Kelvion to SLB

Sidley is representing Apollo-managed funds (the Apollo Funds) in the sale of Kelvion, a leading global developer and manufacturer of thermal management solutions, to global energy technology company SLB (NYSE: SLB).

SLB has entered into a definitive agreement to acquire 100% of Kelvion for approximately US$3.4 billion in cash and will assume approximately US$0.7 billion of debt, representing a total transaction value of approximately US$4.1 billion. Today, Kelvion is majority owned by Apollo Funds; funds advised by Triton hold a minority interest that will also be acquired by SLB.

Kelvion is a global leader in advanced cooling solutions, helping to drive greater efficiency and sustainability for customers across a broad spectrum of industrial and energy infrastructure end-markets. With the support of the Apollo Infrastructure Group and Apollo’s Hybrid Value franchise, Kelvion has grown its global team and increased its strategic focus and investment in serving data centers, its largest and fastest-growing segment. The Apollo Funds completed their investment in Kelvion in January 2026, with Sidley also representing the Apollo Funds in connection with the acquisition.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in the first half of 2027.

The Sidley team is led by partners Ramy Wahbeh and Kaisa Kuusk and senior managing associate Ying Liu, with support from managing associate Fatima Butt, associates Silvia Maglio and Vladislav Osykin, and trainee solicitors Amy Turner, Mary-Anne Grego, and Emma Gillespie (M&A and Private Equity). The broader cross-office and cross-practice team includes partners Björn Holland, John Godfrey, and David Horan, managing associates Emily Chazen and Valentin Specht, and associates Campbell Yates and Sarah Braun (M&A and Private Equity); partners Jason Menzies and Jörg Fischer, senior managing associate Avi Kaye, managing associate Fraser Tudor, and associates Jakob Nützel and Megan Cox (Tax); partners Jonathan Lafferty and Matthew Shankland, senior managing associate Jack Roxburgh, and associate Bronwyn Tonelli (Commercial Litigation and Disputes); partner Patrick Harrison and trainee solicitors Fiona Shajko, Freddia Ruthven, and Emily Hardman (Antitrust); and partner Francesca Blythe (Privacy and Cybersecurity).