GE Vernova completed the acquisition of the remaining 50% stake in Prolec GE from Xignux for $5.3bn.

GE Vernova, a company specializing in energy and grid technologies, completed the acquisition of the remaining 50% stake in Prolec GE, a transformer manufacturer and grid equipment supplier, from Xignux, a Mexican industrial conglomerate engaged in energy and electrical manufacturing businesses, for $5.3bn. “We’re excited to reach this important milestone with our first sizable acquisition as a standalone public company and welcome the Prolec GE team into GE Vernova. We are building on a decades-long partnership and combining the strengths of our two companies to offer customers a broader portfolio and operate at a higher capacity to fulfill expectations, especially in North America where grid demand is strong. As we continue to focus on our mission to electrify to thrive and decarbonize the world, this acquisition will play a critical role in driving our sustained growth in Electrification,” Scott Strazik GE Vernova CEO.