U.S. power equipment maker GE Vernova said on Thursday it agreed to sell Proficy, its industrial software business, to asset management firm TPG for $600 million as part of cost-cutting measures.
Shares of the company rose 1.2 per cent to $651 in premarket trade.
Proficy currently accounts for about 20 per cent of GE Vernova’s electrification software revenue, which more than doubled to $332 million in the second quarter from a year ago.
In April, GE Vernova said on its first-quarter call it expects a $300 million to $400 million increase in costs in 2025 and is seeking to offset tariffs and inflation through pricing.
The company is also investing to strengthen its supply chain and in January announced a $600 million investment in U.S. factories over the next two years to meet rising global electricity demand.
The Proficy deal is expected to close in the first half of 2026. TPG would own and control the business, while GE Vernova would retain a board observer seat.
GE Vernova expects to receive additional sale proceeds in the future depending on various outcomes and conditions.
The deal would establish Proficy as a standalone software business, the company said.
TPG would invest in Proficy through TPG Capital, the firm’s U.S. and European private equity platform.
