[Edaily Marketin YunJi Kim Reporter] The artificial intelligence (AI) data center boom is simultaneously heating up both the investment and exit markets for global private equity (PEF) firms. As investment interest, which had been concentrated on servers and semiconductors, spreads to infrastructure companies essential for data center construction—such as cooling, electrical equipment, and plumbing—related M&A activity is on the rise. Meanwhile, growing acquisition demand from strategic investors (SIs) is accelerating fund managers’ exits.

According to local capital market sources on the 1st, global energy technology company SLB recently agreed to acquire Kelbion, a German thermal management and heat exchange equipment manufacturer previously owned by Apollo Global Management and others. The transaction covers the entire stake in Kelbion, with the deal valued at approximately $4.1 billion (about 5.62 trillion won), including debt. The deal is expected to be finalized in the first half of 2027, pending regulatory approval.

Kelbion is a provider of thermal management solutions for not only data centers but also the energy and industrial sectors; data centers currently account for more than half of Kelbion’s revenue. It is reported that SLB acquired Kelbion in recognition of the growing importance of thermal management technology in data centers, which are becoming increasingly complex and energy-intensive.

In fact, as high-performance computing equipment operates on a large scale, both power consumption and heat generation increase; consequently, thermal management systems capable of reliably managing these factors are emerging as essential infrastructure for data center operations. As data center expansion continues, demand for related cooling equipment and solutions is bound to rise as well.

What is interesting is that Kelbion is set to be sold less than a year after becoming a target for investment by a private equity fund (PEF). Apollo’s fund signed a sale agreement with SLB approximately seven months after completing its investment in Kelbion this past January. It is reported that Apollo invested in Kelbion because it anticipated significant growth potential in energy efficiency and thermal management businesses driven by the expansion of AI data center construction.

As demand and exit potential for data center infrastructure companies are simultaneously confirmed, investment activity by asset managers is accelerating. According to global market research firm PitchBook, there were 529 private equity (PE) deals in the construction and engineering sector in the U.S. during the second quarter of this year, a 56.5% increase compared to the same period last year. This marks a record high for a single quarter; while the total transaction value decreased slightly from the previous quarter, the number of deals rose significantly as investors focused on relatively smaller transactions rather than large-scale platform deals.

Private equity capital is particularly flowing into specialized equipment companies required for data center construction. In the first half of this year, there were 76 private equity deals involving heating, ventilation, and air conditioning (HVAC) companies, with a total transaction value of $3.8 billion (approximately 5.2018 trillion won). This figure has already surpassed last year’s annual total (63 deals). During the same period, PE transactions involving electrical contracting firms also totaled 38, surpassing last year’s total of 37. Transactions involving plumbing and water treatment companies reached 21, approaching last year’s annual total of 24.

The boom in AI data center construction is driving this increase in transactions. According to an analysis by the American Building Council (ABC), spending on data center construction in June rose 46% year-over-year. In contrast, private nonresidential construction spending, excluding data centers, fell 7.9% over the same period. This indicates that while the overall construction sector is slowing down, investment in data centers continues to grow rapidly.

Capital markets anticipate that as investment in AI data centers expands, the scope of related M&A activity will also broaden. PitchBook analyzed, “Building a single data center requires not only servers and semiconductors but also various specialized infrastructure components such as power supply, cooling, electrical work, fiber optics, and plumbing,” adding, “Given the ample investment capital and demand for data center construction, the sector is expected to be less affected by interest rates.”