As a result, GE Vernova has officially completed its acquisition of the other 50% stake in Prolec GE, ensuring its full ownership of the company. This strategic move completes the transition from a joint venture with Xignux. Now, we have a 100% ownership of Prolec GE, one of the crucial participants in the electrification environment. The contract, valued at approximately $5.28 billion (91.43 billion pesos), was originally reported in October 2025. It has since obtained all of the necessary regulatory approvals from the appropriate regulatory agencies.
He added that the need for capacity from customers has never been more urgent, said Philippe Piron, CEO of GE Vernova’s electrification division. He noted that Prolec GE is already 100% integrated into GE Vernova. This combination greatly enhances the company’s ability to react to growing demand and provide service to existing customers more efficiently.
“Our customers are asking for more capacity from the grid. With Prolec GE now fully part of GE Vernova, we are better equipped to respond to that demand and better serve our installed base, utilising our combined manufacturing footprint for transformers and a strong pipeline of innovation to serve the electrification needs of the world.” – Philippe Piron
GE Vernova funded the acquisition with a roughly 50/50 mix of cash and debt. This simple but effective tactic allowed them to sustain a fiscally disciplined posture while undergoing a significant expansion. With this acquisition, Prolec GE will now operate under the GE Vernova umbrella. Our current leadership team will stay in place through this transition.
Ricardo Suarez, who currently serves as CEO of Prolec GE, will continue to report directly to Philippe Piron. Suarez was especially proud of the culture and legacy that was created at Prolec GE. He showed that it is indeed possible to have a strong local identity while going all in on GE Vernova’s unified front.
“We are proud of our strong culture and the legacy we have built, and as part of the one GE Vernova family, we will adapt and embrace the GE Vernova Way while maintaining the local culture, heritage and identity that made us who we are today.” – Ricardo Suarez
This acquisition further strengthens GE Vernova’s ability to deliver powerful operational insights and advancements. It notably does so at a time when electricity consumption is skyrocketing, and grid demands are circling North America’s skies. Scott Strazik, another crucial executive at GE Vernova, highlighted what strikes as one of the more momentous elements of this partnership.
“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 fulfil expectations, especially in North America where grid demand is strong.” – Scott Strazik