GE Vernova Inc. (NYSE: GEV) shares rose 1.91% to $596.50 in pre-market trading on October 22, following the company’s announcement that it will acquire the remaining 50% stake in Prolec GE from Xignux for $5.275 billion. The move positions GE Vernova as a stronger global player in the rapidly expanding grid and electrification markets.
The acquisition, which will be funded equally through cash and debt, is expected to close by mid-2026, pending regulatory approvals. Prolec GE—originally a joint venture between GE and Xignux established in 1995—is a leading grid equipment manufacturer with around 10,000 employees across seven manufacturing sites, including five in the United States.
GE Vernova CEO Scott Strazik called the acquisition a “highly strategic move” that enhances the company’s Electrification segment, its fastest-growing business. “This deal strengthens our North American presence at a time when demand for grid technologies is accelerating,” he said.
Xignux CEO Juan Ignacio Garza Herrera emphasized that the decision was made “with full conviction” after nearly 30 years of partnership, noting that it will allow Prolec GE to expand further under GE Vernova’s leadership.
Recent Prolec GE investments exceed $300 million in the U.S. and Mexico, including a $140 million expansion in North Carolina that will create 330 new jobs over the next three years.
GE Vernova will discuss the transaction during its Q3 earnings call at 7:30 AM ET on Tuesday.
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