GE Vernova agreed to buy high-voltage grid equipment maker Trench Group for $9 billion

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Triton Partners is selling the Berlin-based maker of grid components in a deal expected to close in late 2027

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GE Vernova agreed to buy Trench Group, a maker of high-voltage grid equipment, from investment firm Triton Partners for $9.0 billion, the company said on Wednesday.

The price is a U.S. dollar equivalent based on a EUR/USD exchange rate of 1.12, and the final amount may differ with exchange rates, GE Vernova said. Cash and debt are expected to fund the purchase in equal parts. The price equals 13 times Trench's 2028 adjusted EBITDA before synergies.

The deal is expected to be completed toward the end of 2027. It is subject to customary regulatory approvals and, where legally required, consultation with employee representatives.

Trench expects $1.9 billion in revenue in 2028 at an adjusted EBITDA margin near 36%, GE Vernova said. The company prepared the forecast from data Trench provided, under Trench's accounting policies.

Trench makes bushings, instrument transformers and coils. It serves more than 800 utilities and hyperscalers, employs more than 3,000 people and runs 11 manufacturing sites across Europe, North America and Asia. Its components are used in most of the high-voltage direct current lines constructed around the world, according to GE Vernova.

GE Vernova said Trench is an existing supplier and the acquisition will support its two largest Electrification businesses, Grid Systems Integration and Power Transmission. It said Trench has a backlog and framework agreements valued near $5 billion, some reaching into the next decade. Manufacturing of 765-kilovolt equipment is expected to begin in late 2027 at a new Trench facility in Charlotte, North Carolina.

"We are investing in our Electrification segment to meet the extraordinary growth opportunity in front of us," GE Vernova CEO Scott Strazik said in a statement.

Triton Partners announced the sale in a separate statement. It said the two companies will operate as separate businesses until the deal closes. Triton said Trench's revenue passed 1 billion euros while the company was under its ownership.

"We thank the entire Triton team for the good collaboration and are excited to become part of GE Vernova," Trench Group CEO Bahadir Basdere said in the Triton statement.

GE Vernova scheduled an extended third-quarter earnings call for 7:30 a.m. ET on Wednesday to discuss the transaction.

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