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

GE Vernova, a company specializing in energy and grid technologies, agreed to acquire 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 execute this highly attractive and strategic move to acquire full ownership of our Prolec GE joint venture from Xignux, which accelerates GE Vernova's global strength in grid technologies. This acquisition aligns with our strategic and financial objectives and is also good for our customers by strengthening our presence in North America where demand for grid equipment is growing rapidly. The deal is immediately accretive before synergies, with a partner we know well, and will drive additional profitable growth for GE Vernova. I want to thank the teams at both companies and look forward to welcoming the Prolec GE team to GE Vernova," Scott Strazik, GE Vernova CEO.