Apollo funds to acquire majority stake in Kelvion from Triton

LONDON/HERNE - Apollo Global Management, Inc. (NYSE:APO), an $82.7 billion market cap investment firm whose stock has gained 40% over the past year, announced Wednesday that funds managed by Apollo have agreed to acquire a majority stake in Kelvion, a German provider of heat exchange and cooling solutions, from Triton. The transaction values Kelvion, which specializes in thermal management solutions for data centers and energy transition markets. According to InvestingPro analysis, Apollo’s stock is currently trading below its Fair Value, suggesting potential upside for investors.

Under the agreement, Triton will retain a minority interest in Kelvion, which has operated from Germany for over a century. The company has positioned itself as a provider of cooling technologies for data centers, its largest and fastest-growing segment, while also serving markets including carbon capture, hydrogen, electrification, and renewables.

"Kelvion has established itself as a premier provider of energy efficient solutions, with a global footprint and leading customer base," said Waleed Elgohary, Partner at Apollo, in the press release statement.

Since Triton’s acquisition in 2014, Kelvion has shifted its strategic focus toward high-tech and green technology sectors while expanding its global operations across the Americas, EMEA, and Asia-Pacific regions.

Andy Blandford, CEO of Kelvion, said the company is "poised to accelerate our growth trajectory" with Apollo as its new majority investor.

The transaction is expected to close between Q4 2025 and Q1 2026, pending regulatory approvals. UBS, J.P. Morgan and Barclays served as financial advisors to Apollo Funds, while Guggenheim Securities and Morgan Stanley advised Triton.

Apollo has committed approximately $58 billion to climate and energy transition-related investments over the past five years, according to the company. As of June 30, 2025, Apollo had $840 billion of assets under management. The company maintains strong financial health with a "GOOD" overall score from InvestingPro, supported by 15 consecutive years of dividend payments and robust liquidity ratios. For deeper insights into Apollo’s financial metrics and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Apollo Global Management reported its financial results for the second quarter of 2025, surpassing analyst expectations with an earnings per share of $1.92, compared to the forecast of $1.84. The company’s revenue reached $6.81 billion, significantly exceeding the anticipated $4.57 billion. Additionally, Apollo Global Management has priced an offering of $500 million in senior notes due 2035, with an interest rate of 5.150% per annum. In a significant move, Apollo is increasing its loan to SoftBank Group to $5.4 billion, marking a new record for net-asset value loans. Furthermore, Apollo has agreed to acquire a majority stake in Stream Data Centers, marking its first acquisition in the digital infrastructure sector. This transaction will allow Apollo-managed funds to potentially invest billions of dollars in digital infrastructure. These developments reflect Apollo’s strategic financial maneuvers and investment activities in recent times.

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