Big dealsOct 28, 2026
GE Vernova to buy Trench Group for $9 billion, priced at 13 times earnings expected in 2028
The price is a multiple of a forecast two years away. Trench expects about $1.9 billion of revenue and a 36% EBITDA margin in 2028, according to GE Vernova.
Deal at a glance
PendingPaid in: Cash- Buyer
- GE Vernova
- Target
- Trench Group
- Deal value
- $9B
- Purchase price
- Announced
- Oct 2026
- Expected close
- Late 2027
Figures are as stated by the companies, in US dollars. A deal can change or fall through before it closes.
GE Vernova announced on October 28, 2026 that it will acquire Trench Group from Triton Partners for $9.0 billion, converted at a euro-dollar rate of 1.12. The company expects to fund about half with cash and half with debt. It says the price is about 13 times Trench's 2028 adjusted EBITDA, before synergies.
For 2028 the release forecasts about $1.9 billion of revenue and an adjusted EBITDA margin of roughly 36%, and describes about $5 billion of backlog and framework agreements, some extending into the next decade. These are non-GAAP forecasts, meaning figures that follow the company's own definitions. Trench has more than 3,000 employees at 11 manufacturing sites in Europe, North America and Asia.
GE Vernova says the purchase adds scale to its grid businesses, brings an existing supplier in-house, and adds capacity for high-voltage equipment, including a plant in Charlotte, North Carolina, where 765-kilovolt equipment production is expected to start in late 2027. Closing is expected in late 2027, subject to regulatory approvals and consultation with employee representatives where legally required.
The release does not say whether Trench's leadership, brand or Berlin headquarters will change.
Sources
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This is a reading of public information, not investment, legal or tax advice. If a figure here is wrong, tell us and we will correct it.