GE Vernova Agrees to Pay $5.3 Billion for 50% Prolec Stake

GE Vernova Inc. has agreed to buy the stake in transformer-maker Prolec GE that it doesn’t already own as the artificial intelligence boom drives demand for products and services in the power sector.

The energy equipment manufacturer will pay around $5.3 billion to acquire the remaining 50% in Prolec from joint venture partner Xignux, according to the company. The statement confirmed an earlier report from Bloomberg News.