Equities

GE Vernova agrees to buy grid equipment maker Trench Group for $9 billion

GE Vernova is buying the high-voltage grid equipment supplier from Triton Partners, expecting to fund it equally with cash and debt, with closing expected in late 2027.

By Marcus Rodriguez · Oct 28, 2026, 11:35 AM EDT

Why it matters: GE Vernova agreed to pay $9.0 billion, about half of it expected to be debt-funded, for a supplier priced at 13 times its forecast 2028 adjusted EBITDA, with closing expected in late 2027.

For information only, not investment advice. Prices delayed.

Tickers: GEV

GE Vernova ($GEV) has signed an agreement to buy Trench Group, which it calls a global leader in high-voltage grid equipment, from investment firm Triton Partners. The price is $9.0 billion, a US dollar equivalent the company calculated at a EUR/USD exchange rate of 1.12, and GE Vernova expects to fund it equally with cash and debt. The deal is expected to close in late 2027, subject to customary regulatory approvals and consultation with employee representatives where legally required.

Trench is already a GE Vernova supplier. It makes high- and medium-voltage bushings, instrument transformers and coils for more than 800 utilities and hyperscalers, and has more than 3,000 employees across 11 sites in Europe, North America and Asia. GE Vernova says manufacturing of 765 kV equipment at a newly opened Trench facility in Charlotte, North Carolina, is expected to begin in late 2027.

The number worth a second look is the multiple. The release says the price reflects 13 times Trench's 2028 adjusted EBITDA before synergies, and that Trench expects $1.9 billion in revenue at an adjusted EBITDA margin of about 36% that year. The multiple, the revenue and the margin all rest on 2028 projections.

GE Vernova CEO Scott Strazik said in the release: “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.”

The same day, GE Vernova also raised its 2026 revenue forecast for the third straight time, to $46.5 billion to $47.5 billion from $45.5 billion to $46.5 billion, Reuters reported.

Tags: mergers-acquisitions · energy · guidance