GE Vernova to Acquire Trench Group in $9 Billion Deal to Boost Electrification Business

09:47 AM EDT, 10/28/2026 (MT Newswires) -- GE Vernova (GEV) has agreed to acquire high-voltage grid equipment manufacturer Trench Group from investment firm Triton Partners for about $9 billion as the energy company aims to bolster its electrification business amid surging demand for grid modernization. GE Vernova expects the acquisition to increase the scale of its two largest electrification product lines, grid systems integration and power transmission, to meet growing demand for modern grid equipment, it said Wednesday. GE Vernova was spun off from GE Aerospace (GE), formerly known as General Electric, in 2024. Shares of the company were down about 5% in Wednesday trading, while the stock has gained 25% so far this year. The transaction, which requires approval from regulators, is expected to close late next year. GE Vernova plans to fund the deal equally between cash and debt. "With a margin-accretive financial profile and approximately $5 billion in backlog and framework agreements, some of which reach into the next decade, this acquisition will deliver both immediate earnings visibility and long-term strategic value," GE Vernova Chief Executive Scott Strazik said in a statement. "We are investing in our electrification segment to meet the extraordinary growth opportunity in front of us." Berlin-based Trench serves more than 800 utilities and hyperscalers around the world and has 11 manufacturing facilities across Europe, North America and Asia. Trench Group is expected to generate about $1.4 billion in revenue this year, rising to $1.6 billion in 2027 and $1.9 billion in 2028, GE Vernova said. The acquisition includes a newly opened Trench facility in Charlotte, North Carolina, where manufacturing of 765-kilovolt equipment is expected to begin in late 2027. "GE Vernova's global scale, customer relationships, and footprint in key growth regions will offer more market participants access to the high-voltage components that the energy transition demands," Trench CEO Bahadir Basdere said. In July, GE Vernova completed its purchase of Canadian specialized robotics and automation systems integrator Robotech Automation. Earlier in the year, the company acquired the remaining 50% stake in Prolec GE, its former joint venture with Xignux, for about $5.28 billion. In the broader industry, Eaton (ETN) agreed in June to combine its Mobility Group with Dana (DAN) in a transaction valuing the combined company at over $10 billion. Earlier in the year, Eaton closed its acquisition of Boyd Thermal from Goldman Sachs Asset Management. Separately, GE Vernova raised its full-year 2026 revenue outlook to a range of $46.5 billion to $47.5 billion from its previous projections of $45.5 billion to $46.5 billion. The consensus on FactSet is $46.33 billion. The company also reported third-quarter earnings of $4.81 per share, up from $1.64 the year before, ahead of the Street's view for $4.03. Revenue climbed 27% to $12.64 billion, surpassing the average analyst estimate of $11.99 billion. "We delivered another strong quarter with robust orders and revenue growth, margin expansion, and significant free cash flow generation," Chief Financial Officer Ken Parks said. "Our backlog continues to expand driven by equipment growth at power and electrification." Price: 847.58, Change: -47.94, Percent Change: -5.35