GE Vernova Acquires Remaining 50 Stake In Prolec GE For 5 3 Billion

GE Vernova is planning to acquire the remaining 50% stake in Prolec GE from Xignux for $5.3 billion.

Prolec GE is a leading supplier of transformers and other grid equipment, with 7 manufacturing sites across the globe. The joint venture between GE and Xignux was created 30 years ago.

Prolec GE has recently invested over $300 million in North American capability, almost half of which will go toward the creation of 330 jobs in North Carolina.

This deal will help GE Vernova better serve its customers, who are demanding more energy capacity and grid technologies. Power demand is continuing to skyrocket across the U.S. and the world, as industries like data centers and manufacturing ramp up more and more.