• Milestone reinforces GE Vernova’s position as a global leader in grid markets, expanding its footprint in North America
• Prolec GE and its affiliates will operate under GE Vernova within the Electrification segment
• Transaction is immediately accretive and reflected in updated 2026 guidance and 2028 outlook

CAMBRIDGE, Mass. (February 2, 2026) – GE Vernova (NYSE: GEV) announced it has finalized the acquisition of the remaining 50% stake in Prolec GE, previously an unconsolidated joint venture with Xignux. The transaction, first announced in October 2025, closed after receiving all required regulatory approvals. The total purchase price was $5.275 billion, funded through a combination of cash and debt as previously outlined.

Prolec GE is a major player in the North American electrical industry, employing around 10,000 people across seven manufacturing facilities in the Americas, including five in the United States. The company produces a wide range of transformers and related components for power generation, transmission, and distribution, supported by a comprehensive service offering. This acquisition fully integrates Prolec GE following three decades of partnership as a joint venture.

“We are pleased to reach this important milestone with our first major acquisition as an independent public company and to officially welcome the Prolec GE team,” said Scott Strazik. “By combining our long-standing partnership and complementary strengths, we can offer customers a broader portfolio and increased capacity, particularly in North America where demand for grid infrastructure is growing. This acquisition is a key step in advancing our mission to electrify and decarbonize, while supporting sustained growth in our Electrification business.”

Following the transaction, Prolec GE will operate under the GE Vernova brand as part of the Electrification segment. The deal is immediately accretive, even before synergies, and is expected to drive additional profitable growth, now reflected in the company’s updated 2026 financial guidance and outlook through 2028.

“Our customers are increasingly demanding greater grid capacity,” said Philippe Piron. “With Prolec GE now fully integrated, we are better positioned to meet that demand and serve our installed base. By leveraging our combined manufacturing footprint and innovation pipeline, we can deliver stronger electrification solutions globally. Our priority is a seamless integration process, ensuring customers continue to receive the same high level of quality and service.”

GE Vernova will retain the existing leadership team, with Ricardo Suarez continuing as CEO of Prolec GE and reporting to Philippe Piron.

“Becoming a fully integrated part of GE Vernova is a natural evolution after many years of collaboration,” said Suarez. “We are proud of our culture and heritage, and as part of GE Vernova, we will embrace its global approach while maintaining the identity that defines us. This step creates new opportunities for our employees and strengthens our ability to serve customers across North America.”

Forward-Looking Statements

This press release includes forward-looking statements, meaning statements related to future events that involve varying degrees of uncertainty. These statements relate to GE Vernova’s expected business performance following the Prolec GE acquisition, the anticipated impact of the transaction, and the timing of related benefits. Such statements often include terms like “expect,” “anticipate,” “intend,” “plan,” “believe,” “will,” or “estimate.” Actual results may differ due to risks and uncertainties, including those outlined in the company’s filings with the SEC. GE Vernova undertakes no obligation to update these statements unless required by law.

About GE Vernova

GE Vernova (NYSE: GEV) is a global energy company focused on Power, Wind, and Electrification, supported by accelerator businesses. With over 130 years of experience, the company plays a central role in advancing the energy transition by expanding electrification while reducing carbon emissions.

Headquartered in Cambridge, Massachusetts, GE Vernova employs approximately 85,000 people across around 100 countries. Guided by its mission, The Energy to Change the World, the company develops technologies that support a more reliable, sustainable, and cost-effective energy future.

GE Vernova employs approximately 20,000 people across all 50 U.S. states. In Mexico, where it has operated for more than 129 years, the company employs over 1,700 people across five sites. Its equipment provides around 38 GW of electricity generation capacity in the country — nearly 42% of the total — including advanced technologies such as HA gas turbines, the Laguna Verde nuclear facility, and one of the world’s largest fleets of F-class gas turbines.

Source