GE Vernova said it has completed its acquisition of the remaining 50% stake in Prolec GE, converting a long-running, formerly unconsolidated joint venture with Xignux into a wholly owned business. The transaction, first announced in October 2025, closed after securing all required regulatory approvals and values the purchased stake at $5.275 billion, funded through an equal mix of cash and debt.
The deal marks GE Vernova’s first sizable acquisition since becoming a standalone public company and is designed to accelerate growth in its Electrification segment as utilities, data centers, industrial customers, and renewables developers push for faster, higher-capacity grid buildouts. Prolec GE is a major North American transformer manufacturer and services provider, with roughly 10,000 employees and seven manufacturing sites across the Americas, including five in the United States. Its portfolio spans transformers and transformer components used across generation, transmission, and distribution, as well as a services business that supports installed equipment and ongoing grid reliability needs.
With the closing, Prolec GE and its affiliates will go to market under the GE Vernova name and operate within the company’s Electrification segment. GE Vernova said the acquisition is immediately accretive, even before any synergies, and that the transaction is now reflected in its latest 2026 financial guidance, which extends through 2028. Management framed the integration as a capacity and portfolio expansion intended to strengthen the company’s position in North American grid markets, where demand has been rising and lead times for critical equipment, such as transformers, have been a persistent bottleneck.
Operationally, GE Vernova plans to retain Prolec GE’s current leadership. Ricardo Suarez will continue as Prolec GE CEO and report to Electrification CEO Philippe Piron, as the company prioritizes continuity for customers and a smooth transition for manufacturing, supply chain, and field service operations.
KEY QUOTES
“We’re excited to reach this important milestone with our first sizable acquisition as a standalone public company and welcome the Prolec GE team into GE Vernova. We are building on a decades-long partnership and combining the strengths of our two companies to offer customers a broader portfolio and operate at a higher capacity to fulfill expectations, especially in North America where grid demand is strong. As we continue to focus on our mission to electrify to thrive and decarbonize the world, this acquisition will play a critical role in driving our sustained growth in Electrification.”
Scott Strazik, CEO, GE Vernova
“Our customers are asking for more capacity from the grid. With Prolec GE now fully part of GE Vernova, we are better equipped to respond to that demand and better serve our installed base, utilizing our combined manufacturing footprint for transformers and a strong pipeline of innovation to serve the electrification needs of the world. Our priority from day one is a smooth integration, where customers continue to receive the service and quality they expect, supported by the scale of the combined Prolec GE and GE Vernova teams.”
Philippe Piron, CEO, Electrification, GE Vernova
“Joining GE Vernova as a fully integrated business is a natural next step in our journey after years of partnership. We are proud of our strong culture and the legacy we’ve built, and as part of the one GE Vernova family, we will adapt and embrace the GE Vernova Way while maintaining the local culture, heritage and identity that made us who we are today. I am excited for the opportunities our employees will have to learn and grow further as part of a global industry leader, the continued investment in our sites, and an even stronger capability to serve our customers across North America.”
Ricardo Suarez, CEO, Prolec GE
