08:14 AM EDT, 08/13/2025 (MT Newswires) -- (Updates with valuation details from Bloomberg in the second paragraph.)

Apollo Global Management ( APO ) said Wednesday that certain of its managed funds have agreed to purchase a majority stake in Kelvion, a Germany-based provider of energy-efficient heat exchange and cooling services, from funds advised by Triton.

The transaction values Kelvion at approximately 2 billion euros ($2.3 billion) including debt, Bloomberg reported Wednesday citing people familiar with the matter.

Apollo said Triton will retain a minority stake in Kelvion and that the deal is expected to close between Q4 2025 and Q1 2026.

Apollo Global and Triton didn't immediately reply to MT Newswires' request for comment.