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GE Vernova Sells Proficy to TPG for $600 Million to Refocus on Grid Software

Closing is planned for the first half of 2026 with GE Vernova keeping a board observer seat.

Workers of GE Vernova in France in its offshore wind sector, in Nantes, France, October 17, 2024. REUTERS/Stephane Mahe/File Photo

Overview

  • GE Vernova said it will reinvest the proceeds into its grid software business, according to CEO Scott Strazik.
  • Proficy represents about 20 percent of the company’s electrification software revenue.
  • TPG will carve out Proficy as a standalone software company through its TPG Capital platform.
  • GE Vernova said it may receive additional sale proceeds depending on future outcomes and conditions.
  • The company is addressing a projected $300–$400 million 2025 cost increase through pricing, streamlining, and supply‑chain investments, including a $600 million U.S. factory upgrade announced in January.