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A high-growth, accretive acquisition of a global leader in complementary high-voltage grid equipment that increases scale and geographic reach
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Vertically integrates an existing supplier and increases capacity for key grid equipment
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Trench Group expects $1.9B in revenue at approximately 36% adjusted EBITDA margin* in 2028
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$9.0B USD equivalent purchase price, currently expected to be funded equally with cash and debt, reflects 13x 2028 adjusted EBITDA* before synergies; close expected in late 2027
CAMBRIDGE, Mass., October 28, 2026–(BUSINESS WIRE)–GE Vernova Inc. (NYSE: GEV) today announced that it has signed an agreement to acquire Trench Group (“Trench”), a global leader in high-voltage grid equipment, from investment firm Triton Partners. The deal will create scale across GE Vernova’s Electrification product lines, expanding its capabilities to better serve customers with integrated solutions that meet unprecedented demand for grid modernization, energy security, and electrification technologies. By vertically integrating an existing supplier with a complementary product portfolio, the acquisition will directly enhance GE Vernova’s two largest Electrification businesses, Grid Systems Integration and Power Transmission, and help deliver the technologies and manufacturing capacity needed for the global electricity supercycle.
Trench 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, and will further enable GE Vernova to serve fast-growing demand for grid equipment. Potential acquisition synergies stem from complementary products, geographic footprint, customer relationships, and advanced manufacturing capabilities using automation, robotics, and AI-supported processes.
“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,” said GE Vernova CEO Scott Strazik. “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. We are investing in our Electrification segment to meet the extraordinary growth opportunity in front of us, and our acquisition of Trench will further strengthen our ability to serve global customers with outstanding technology we know well. I look forward to welcoming the Trench team to GE Vernova.”
“Trench Group has spent more than 130 years earning the trust of the world’s leading utilities and grid operators. Joining GE Vernova will be a defining opportunity to build on that legacy with even greater capabilities and reach,” said Trench Group President and CEO Dr. Bahadir Basdere. “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. Our team is excited about the development and growth opportunities that the combination with GE Vernova is expected to create. I look forward to what our teams can achieve together – and to serving all existing and future customers with the technology, quality, and reliability Trench stands for.”
Trench components are present in the majority of high-voltage direct current lines built globally and are part of larger grid systems with many suppliers. Its high-quality products with sustainable and innovative technology are at the forefront of increasingly stringent global environmental standards. For example, across its portfolio, it has SF6-free and mineral oil-free technologies that reduce hazardous materials and lifecycle emissions – capabilities that GE Vernova’s customers are increasingly seeking. These offerings enable more efficient, higher voltage electrical grids, increasing affordability for consumers.
As global electricity grids confront surging demand from aging infrastructure, data centers, renewable energy, and industrial electrification, higher voltage transmission lines are increasingly becoming the backbone of the system, carrying up to six times more power per corridor than conventional lines. With this acquisition, GE Vernova will enhance its capabilities in manufacturing grid components for North America, through a newly opened Trench facility in Charlotte, North Carolina, with manufacturing of 765kv equipment expected to begin in late 2027.
Under the purchase agreement, GE Vernova will pay $9.0 billion USD equivalent at closing, currently expected to be funded equally between cash and debt. The acquisition is expected to close in late 2027, subject to the completion of customary regulatory approvals together with consultation with employee representatives where legally required.
GE Vernova will discuss the transaction during an extended third quarter earnings conference call today at 7:30 AM Eastern Time. Materials related to the transaction have been posted on GE Vernova’s Investor Relations website at www.gevernova.com/investors/events.
Standalone Trench Group Financials
2026E
2027E
2028E
Revenue
1.4
1.6
1.9
Adjusted EBITDA*
0.5
0.6
0.7
Adjusted EBITDA Margin*
~33%
~35%
~36%
Free cash flow*
0.2
0.3
0.4
Goldman Sachs & Co. LLC and UBS Investment Bank acted as financial advisors to GE Vernova on the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to GE Vernova. Bank of America and Morgan Stanley & Co. International plc acted as financial advisor to Triton Partners, and Latham & Watkins served as legal counsel to Triton Partners.
Trench Group Acquisition Price and Financial Information
The Trench Group acquisition price and financial information presented in this press release are expressed in U.S. dollar equivalents based on a EUR/USD exchange rate of 1.12. Actual U.S. dollar equivalent amounts may differ based on the prevailing EUR/USD exchange rate at the applicable times. The Trench Group financial information was prepared by GE Vernova based on data provided by Trench Group and reflect Trench Group’s accounting policies, which may differ from GE Vernova’s.
Non-GAAP Financial Measures
Trench Group Adjusted EBITDA* and Adjusted EBITDA margin*
Trench Group’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
