GE Vernova agrees to buy Trench Group for $9.0B
GE Vernova (GEV) has signed an agreement to buy Trench Group, a high-voltage grid equipment maker, from Triton Partners for $9B USD. Closing is expected in late 2027 (1, 2).
- GE Vernova announced the plan on October 28, 2026. The deal, expected to close next year, is still subject to regulatory approval and other conditions (1).
- The company says it will fund the acquisition equally with cash and debt (1).
- Trench Group, the company being acquired (1, 2),
- Is a Berlin-based maker of high-voltage grid equipment, such as coils, transformers, capacitors, etc.
- Supplies electrical equipment to more than 800 utility companies and large-scale computing customers.
- Employs more than 3,000 people.
- Runs 11 manufacturing facilities in 8 countries.
- Trench Group is expected to bring in $1.9B in 2028 revenue, with an adjusted EBITDA margin of approximately 36%. This means the $9B purchase price represents about 13x its projected adjusted EBITDA, excluding any synergies, GE Vernova said (1).
- Trench also brings with it $5B in previously agreed-upon framework deals (1).
- GE Vernova says the deal will expand its electrification segment, specifically its grid and power systems, and bring an existing supplier into the company. It also expands the company's manufacturing capacity, which will help meet the growing demand from data centers and more (1).
- GE Vernova's CEO, Scott Strazik, said of the deal, "Trench's differentiated high-voltage grid technology, strong execution, and deep customer relationships are key enablers of the modernized, resilient grid required to keep pace with the electricity supercycle" (1).
- GE Vernova will provide more information about the expected transaction at its Q3 earnings call today (1).
Sources & Further Reading
- "GE Vernova to acquire Trench Group." GE Vernova. October 28, 2026.
- "Triton Partners to sell Trench Group to GE Vernova." Triton Partners. October 28, 2026.
