SLB (NYSE: SLB) just made a clear bet that data centers, not oil wells, define its next decade. On Aug. 31, the company announced it has signed an agreement to acquire Kelvion, a century-old thermal-management specialist, for approximately $3.4 billion in cash and the assumption of approximately $0.7 billion of debt, bringing the total transaction value to approximately $4.1 billion.
Most coverage framed it as another modular infrastructure tuck-in to the company's existing oil services business. That undersells it.
