GE Vernova has agreed to acquire Trench Group from Triton Partners for approximately $9 billion, expanding its high-voltage grid equipment business and vertically integrating an existing supplier.
GE Vernova expects to fund the purchase price approximately equally with cash and debt. The transaction is expected to close in late 2027, subject to regulatory approvals, required employee consultations, and other customary closing conditions.
Berlin-based Trench Group manufactures high- and medium-voltage grid components including bushings, instrument transformers, coils, cable terminations, and capacitors.
The company serves more than 800 utilities and hyperscale customers globally and employs more than 3,000 people across 11 manufacturing facilities in Europe, North America, and Asia.
GE Vernova said the acquisition will strengthen its two largest Electrification businesses, Grid Systems Integration and Power Transmission, while adding manufacturing capacity as global power demand increases.
Trench expects to generate approximately $1.9 billion in revenue and $700 million in adjusted EBITDA in 2028, representing an adjusted EBITDA margin of approximately 36%. The business is also projected to generate roughly $400 million of free cash flow that year.
The $9 billion purchase price represents approximately 13 times Trench’s expected 2028 adjusted EBITDA before potential synergies.
Trench also has approximately $5 billion of backlog and framework agreements, with some customer commitments extending into the next decade.
Aging grid infrastructure, renewable energy development, industrial electrification, and the rapid construction of power-intensive data centers are driving demand for the company’s equipment.
Trench components are used in most high-voltage direct current lines built globally. Its portfolio also includes SF6-free and mineral oil-free technologies designed to reduce hazardous materials and lifecycle emissions.
The acquisition will additionally increase GE Vernova’s U.S. manufacturing capabilities. Trench recently opened a facility in Charlotte, North Carolina, where it expects to begin producing 765-kilovolt equipment in late 2027.
Trench has more than 130 years of engineering history and has doubled annual revenue to more than €1 billion since becoming independent in April 2024.
Support: Goldman Sachs and UBS Investment Bank served as financial advisors to GE Vernova, while Skadden provided legal counsel. Bank of America and Morgan Stanley advised Triton Partners, with Latham & Watkins serving as legal counsel.
KEY QUOTES:
“Trench’s differentiated high-voltage grid technology, strong execution, and deep customer relationships are key enablers of the modernized, resilient grid required to keep pace with the electricity supercycle. 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.”
Scott Strazik, CEO Of GE Vernova
“Trench Group has spent more than 130 years earning the trust of the world’s leading utilities and grid operators. Joining GE Vernova will be a defining opportunity to build on that legacy with even greater capabilities and reach.”
Dr. Bahadir Basdere, President And CEO Of Trench Group
