GE Vernova Signs Agreement to Acquire High-Voltage Grid Equipment Maker Trench Group for $9 Billion
GE Vernova announced a signed agreement to acquire Trench Group from Triton Partners for $9 billion, expected to close in late 2027, aiming to vertically integrate high-voltage grid equipment capacity to serve surging data center and electrification demand.
U.S. energy company GE Vernova Inc. (NYSE: GEV) announced on October 28, 2026, that it has signed an agreement to acquire Trench Group, a global leader in high-voltage grid equipment, from investment firm Triton Partners. The purchase price is approximately $9.0 billion, which is currently expected to be funded equally with cash and debt. The transaction is anticipated to close in late 2027, subject to customary regulatory approvals and consultation with employee representatives where legally required.
Trench Group has over 130 years of engineering heritage and serves more than 800 global utilities and hyperscalers with high- and medium-voltage bushings, instrument transformers, and coils. With more than 3,000 employees, its manufacturing footprint spans 11 sites across Europe, North America, and Asia. GE Vernova stated that the acquisition will directly enhance its two largest Electrification businesses, Grid Systems Integration and Power Transmission, by vertically integrating an existing supplier and increasing capacity for key grid equipment.
According to forecasts prepared by GE Vernova based on data provided by Trench Group, the acquired business expects $1.9 billion in revenue at an approximately 36% adjusted EBITDA margin in 2028. The $9.0 billion price tag reflects 13 times the 2028 adjusted EBITDA before synergies. Reuters reported that GE Vernova expects $50 million to $100 million in annualized cost synergies by 2030. Trench Group also holds approximately $5 billion in backlog and framework agreements.
GE Vernova stated in its press release that global electricity grids face surging demand from aging infrastructure, data centers, renewable energy, and industrial electrification, with higher voltage transmission lines increasingly becoming the backbone of the system, carrying up to six times more power per corridor than conventional lines. GE Vernova CEO Scott Strazik said the acquisition would help the company capitalize on a global high-voltage market expected to reach $130 billion by the end of the decade.