SLB jumps after announcing $3.4 billion deal for cooling firm Kelvion

SLB

31/08/2026 12:27

** Shares of U.S oil services provider SLB N.V SLB.N rise more than 2% to $58 premarket
** Co to acquire cooling solutions provider Kelvion for $3.4 billion to strengthen co's Data Center Solutions business
** SLB expects acquisition to expand co's role in data center infrastructure
** Rapid AI adoption is driving demand for power and cooling infrastructure
** Co will assume about $700 million of Kelvion's debt under the deal
** Deal is expected to close in the first half of 2027
** Rise in oil prices after the U.S. attack on an Iranian island in the Strait of Hormuz and retaliation from Tehran has also helped move share prices up
** 26 of 30 brokerages rate the stock "buy" or above, 2 "hold", 2 "sell"; median PT at $63 - data compiled by LSEG
** Up to last close, stock has risen nearly 50% YTD

 (Reporting by Miraanta Lowrance in Bengaluru)
 ((miraanta.lowrance@thomsonreuters.com))