GE Vernova has signed an agreement to acquire Trench Group, a maker of high-voltage grid equipment, from investment firm Triton Partners. The company announced the deal on Oct. 28, 2026 and put the purchase price at $9.0 billion (USD equivalent). It released third-quarter results on the same day. Those results showed the gas turbine business still growing, but at a slower pace than earlier in the year. Utility Dive's reporting connected the two developments.
For the data center industry, the two announcements touch two separate supply problems. One is generation: gas turbines that hyperscalers and utilities have been reserving years ahead. The other is the transmission and substation hardware needed to connect new load and new plants to the grid. Trench makes equipment in the second category.
The Deal Terms
According to GE Vernova's press release, the company expects to fund the $9.0 billion price equally with cash and debt. The company said the price equals 13 times Trench's projected 2028 adjusted EBITDA, before any synergies. The release states the figures in U.S. dollar equivalents based on a EUR/USD exchange rate of 1.12, so the actual dollar amounts may differ.
GE Vernova gave the following figures for Trench:
- Expected 2028 revenue of $1.9 billion, at an adjusted EBITDA margin of approximately 36%
- More than 800 utilities and hyperscalers served
- More than 3,000 employees
- A manufacturing footprint of 11 sites across Europe, North America and Asia
- Approximately $5 billion in backlog and framework agreements, some of which reach into the next decade
All of these figures come from the acquirer, not from an independent audit. The release says the Trench financial information was prepared by GE Vernova based on data provided by Trench Group, and the revenue and margin numbers are forecasts for 2028. The phrase "utilities and hyperscalers" is GE Vernova's own description of the customer base. The press release does not break out how much of that base is data center operators and how much is utilities.
Why High-Voltage Components Matter Here
GE Vernova's press release says Trench makes high- and medium-voltage bushings, instrument transformers and coils. Utility Dive reported that Trench's new North Carolina factory will be the first U.S. manufacturer of bushings rated up to 765 kV, a capability CEO Scott Strazik called important within the company's U.S. footprint. The press release places that facility in Charlotte, North Carolina, and says manufacturing of 765-kV equipment is expected to begin in late 2027. Bushings are the insulated parts that carry high-voltage conductors through the grounded casings of transformers and other substation equipment.
The press release also says higher-voltage transmission lines can carry up to six times more power per corridor than conventional lines, and it lists data centers among the sources of surging demand on global grids. Utility Dive also reported that Trench already supplies GE Vernova with high-voltage direct current (HVDC) equipment. The press release describes the deal as vertically integrating an existing supplier.
The Turbine Numbers
The third-quarter report, filed as Exhibit 99 to a Form 8-K, showed $29.3 billion in quarterly orders, up 96% on an organic basis. The company raised its 2026 financial guidance. It said it expects to exit 2026 with at least 130 GW of gas equipment under contract. CEO Scott Strazik pointed to growing demand from utility and data center customers.
The earnings release said gas power equipment backlog and slot reservation agreements grew from 116 GW to 122 GW. That is a 6-GW increase, and Utility Dive's headline described it as gas turbine orders slowing, noting that earlier quarters in 2026 had double-digit GW increases. Utility Dive also reported that Strazik said quarterly order patterns in 2027 will likely look more like the third and fourth quarters of 2026 than the first half of 2026.
The other figures Utility Dive reported show a manufacturer that is still heavily booked. Total backlog was $196.7 billion, compared with $135.3 billion in the third quarter of 2025. Power segment revenue rose 25% year over year. Utility Dive said the company is now taking reservations for delivery in 2032, with demand from a mix of about 80% traditional customers and 20% data centers, according to Strazik.
The 2032 date is relevant to developers. A data center campus planning on-site or dedicated gas generation, and a utility planning a plant to serve new load, are competing for turbine slots that this manufacturer is now reserving for delivery about six years out.
Reading the Two Announcements Together
GE Vernova's materials do not say how management weighed the turbine order trend when deciding to buy Trench, and this article does not speculate about it. The on-the-record facts are these. In the same quarter that gas turbine contract additions came in at 6 GW, the company agreed to pay $9.0 billion for a grid-equipment business. That business reports approximately $5 billion in backlog and framework agreements and lists hyperscalers among its customers.
Strazik said on the earnings call, as reported by Utility Dive, that lead times across the industry are increasingly important, and that bringing Trench's manufacturing inside GE Vernova should give greater visibility into production planning and better alignment of component supply with customers' project schedules.
What Happens Next
GE Vernova said the transaction is expected to close in late 2027. The company's press release and third-quarter release both say closing is subject to customary regulatory approvals, and the press release adds consultation with employee representatives where legally required. Neither document names the specific agencies or jurisdictions that will review the deal.
On the turbine side, the company's stated target is at least 130 GW of gas equipment under contract by the end of 2026. Fourth-quarter results will show whether it gets there. That would require adding at least 8 GW to the 122 GW reported at the end of the third quarter. The company also said it expects its backlog to exceed $200 billion in the fourth quarter.
