Apollo Global Management is nearing a deal to acquire Kelvion, the Germany-based cooling equipment manufacturer, from buyout firm Triton, according to Bloomberg sources.

The transaction could be announced within days, though the outcome remains subject to final negotiations.

Apollo secured its position as the preferred buyer after surpassing rival bidders in the sale process. Kelvion, formerly the heat exchanger division of German industrial group GEA, was acquired by Triton in 2014 for €1.3bn ($1.5bn) including debt.

The company’s products are used in sectors including data centres, carbon capture, and hydrogen production. Demand has been rising as governments, particularly in the US and UK, step up investment in artificial intelligence, boosting the need for high-performance chips and associated cooling infrastructure.

In 2019, Triton restructured €600m in bonds tied to Kelvion and injected additional capital to maintain ownership.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.