Apollo Funds to Acquire Majority Stake in Kelvion

Paul, Weiss is advising funds managed by Apollo on the financing aspects of their acquisition of a majority stake in Kelvion, a leading global provider of energy-efficient heat exchange and cooling solutions, from funds advised by Triton. Triton will maintain a minority interest in Kelvion. The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close between the fourth quarter of 2025 and the first quarter of 2026. Financial terms of the deal were not disclosed.

The Paul, Weiss team is led by partners David Carmona, Matthew Friedman and Annie Herdman, and includes corporate partner Matthew Goldstein and counsel Lucy Jenkins, James Parkinson, Ashley Hearn and Caitlin Ludwigsen; tax partners Brian Grieve and Deeksha Rathi and counsel Samir Kurani; and antitrust counsel Charles Crandall and John Magruder.