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Benzinga
Benzinga
Business
Lekha Gupta

GE Vernova Moves To Full Control Of Prolec GE In Massive $5.3 Billion Deal

GE GE Vernova GEV NC
Stuttgart,,Germany,-,07-19-2024:,Smartphone,With,Website,Of,Us,Energy

GE Vernova Inc. (NYSE:GEV) shares are trading higher premarket on Wednesday after the company disclosed that it will acquire the remaining 50% stake in Prolec GE, its joint venture with Xignux, for $5.275 billion.

Prolec GE is a transformer manufacturer that was formed in 1995 as a joint venture between Xignux and GE. This acquisition fully consolidates the company after 30 years.

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