Apollo to Buy Cooling Equipment Maker Kelvion in €2 Billion Deal

Apollo Global Management Inc. has agreed to acquire German cooling equipment maker Kelvion from buyout firm Triton.

Triton will retain a minority interest in Kelvion, according to a statement on Wednesday that confirmed an earlier Bloomberg News report. The transaction is expected to close between the fourth quarter of 2025 and the first quarter next year.

The deal values Kelvion at about €2 billion ($2.3 billion) including debt, according to people familiar with the matter, asking not to be identified as the information is private. Representative for Apollo and Triton declined to comment on the valuation.

A sale ...