GE Vernova to buy Trench Group for $9B in grid-equipment push
What's the deal? GE Vernova has agreed to buy Berlin-based high-voltage grid equipment maker Trench Group from investment firm Triton (Triton Fund V) for $9 billion (about €8.0 billion). The company will split the price equally between cash and debt, with closing expected in late 2027, pending regulatory approvals.
What each side brings: Trench makes high-voltage components used to deliver electricity across the grid. Under Triton, it surpassed €2 billion in order intake and €1 billion in revenue, opened a new US plant, and added more than 800 jobs since its carve-out. Reported revenue rose from €683.6 million in FY2024 to €906.5 million in FY2025 (fiscal year ending 30 September).
Why now? Utilities worldwide are boosting transmission spending to meet rising electricity demand from data centers and industrial electrification. The deal gives GE Vernova more manufacturing capacity, wider reach across North America, Europe, and Asia, and access to Trench's backlog and framework agreements worth about $5 billion.
By the numbers: At $9 billion, the price is about 13 times Trench's projected 2028 adjusted EBITDA before synergies. GE Vernova expects Trench to generate about $1.4 billion of revenue in 2026, $1.6 billion in 2027 and $1.9 billion in 2028, at a roughly 36% adjusted EBITDA margin in 2028. GE Vernova is also buying the remaining stake in transformer maker Prolec GEDealroom has a profile for this one. Try Dealroom → for $5.275 billion, part of a broader push to build out its grid business.
Separately, GE Vernova raised its full-year revenue forecast for a third time, to $46.5 billion to $47.5 billion from $45.5 billion to $46.5 billion.
The signal: The deal is a bet on a grid-equipment market where demand is outstripping manufacturers' ability to add capacity. Competitor Siemens Energy is investing $1 billion to expand US production, evidence the capacity race extends across the sector — GE Vernova's rationale rests on securing scarce components rather than simply adding revenue.
Read more: Reuters, GE Vernova, Triton
Image credit: Trench Group
