JPMorgan and Deutsche Bank are leading €750m in debt financing to support Apollo Global Management’s €2bn acquisition of German cooling equipment maker Kelvion, according to a report by Bloomberg.

The financing, arranged through floating rate notes, involves more than 10 banks and is expected to be sold to investors shortly, according to people familiar with the matter.

Apollo is acquiring Kelvion, formerly part of German machinery group GEA, from Triton, which will retain a minority interest. The transaction values the company at about €2bn including debt.

The deal underscores a gradual revival of leveraged buyouts after a subdued start to 2025, when market uncertainty linked to US tariffs weighed on activity. Advent International’s recent $2bn financing for its purchase of Reckitt Benckiser’s home-care unit is another sign of momentum returning to the market.

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