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

GE Vernova has agreed to acquire Trench Group, a maker of high-voltage grid equipment, from investment firm Triton Partners for a $9.0 billion U.S. dollar-equivalent purchase price, the company said on Oct. 28. At the EUR/USD rate of 1.12 used in the release, that is about €8.0 billion.

Deal terms. GE Vernova said it currently expects to fund the purchase equally with cash and debt. The price reflects 13 times Trench's expected 2028 adjusted EBITDA before synergies. The deal is expected to close in late 2027, subject to customary regulatory approvals and consultation with employee representatives where required.

What Trench brings. Trench, based in Berlin, makes bushings, instrument transformers and coils for high- and medium-voltage networks. GE Vernova said Trench expects $1.9 billion in revenue in 2028 at about a 36% adjusted EBITDA margin, and has about $5 billion in backlog and framework agreements, some reaching into the next decade. According to the release, Trench serves more than 800 utilities and hyperscalers, employs more than 3,000 people and has 11 manufacturing sites in Europe, North America and Asia. Trench is already a GE Vernova supplier; the company said the deal will add to its Grid Systems Integration and Power Transmission businesses.

Context. GE Vernova announced the deal alongside third-quarter results that showed orders of $29.3 billion, up 96% organically, and total backlog of $197 billion. The company also raised its full-year revenue forecast.