TPG Buys GE Vernova’s Software Unit Proficy for $600 Million (1)

GE Vernova Inc. agreed to sell its industrial software business Proficy to alternative asset management firm TPG for $600 million.

GE Vernova will use the proceeds of the sale to reinvest in its core business, Chief Executive Officer Scott Strazik said in a statement Thursday. Bloomberg News reported in June that GE Vernova was exploring a sale of Proficy.

Electricity demand is soaring to levels not seen in decades, driven by artificial intelligence and data centers, new factories and the electrification of the economy. That surge in consumption has been a boon for GE Vernova and has bolstered investor ...