GE Vernova to Acquire Trench Group from Triton Partners for $9 Billion to Expand Grid Equipment Business

GE Vernova announced on October 28 that it has signed an agreement to acquire Trench Group, a global leader in high-voltage grid equipment, from investment firm Triton Partners for $9.0 billion. The deal will be funded equally with cash and debt, and is expected to close in late 2027.

Trench Group brings more than 3,000 employees and 11 manufacturing sites across Europe, North America, and Asia. The company is projected to generate $1.9 billion in revenue at approximately 36% adjusted EBITDA margin in 2028, and carries roughly $5 billion in backlog and framework agreements, some extending into the next decade. At the agreed price, the deal values Trench at 13 times 2028 adjusted EBITDA before synergies.

GE Vernova CEO Scott Strazik described the deal as vertically integrating an existing supplier and said it would deliver immediate earnings visibility alongside long-term strategic value. The acquisition expands GE Vernova's Electrification segment, broadening its portfolio of grid components at a time of what the company calls an "electricity supercycle" driven by grid modernization, energy security, and electrification demand. Rothschild and Co International acted as financial adviser to Triton Partners, with Latham and Watkins serving as legal counsel.