MONTERREY, N.L., MEXICO, October 4, 2021 — GE-Prolec Transformers, Inc. (together with its affiliates, “Prolec GE”), a subsidiary of a 50/50 joint venture between GE (NYSE:GE) and Xignux, a Mexico-based private company, announced today it has completed the acquisition of SPX Corporation’s (NYSE: SPXC) SPX Transformer Solutions business. The contract purchase price was $645 million, subject to a net working capital adjustment and other typical adjustments.

The acquisition of SPX Transformer Solutions, which is known for its Waukesha® transformers, services, and components, will allow Prolec GE to comprehensively server the growing Americas market with a broader portfolio of innovative and sustainable solutions for the delivery of electrical energy.

“We are delighted to welcome the SPX Transformer Solutions team to the Prolec GE family,” said Ricardo Suarez, CEO of Prolec GE. “The combined talent and technical expertise of our two great teams will make us a stronger partner to our customers and enable us to better support the evolution of the electric grid in the US and the rest of the Americas. As always, we remain committed to delivering high quality, reliable products and services and an exceptional customer experience.”

Shared business values and the complementary product and service offerings of Prolec GE and SPX Transformer Solutions will provide a synergistic foundation for the company.

Prolec GE was represented by Sidley Austin LLP as legal advisor, UBS Investment Bank aslead financial advisor and Scotiabank Inverlat as financial advisor. SPX Corporation was represented by J.P. Morgan Securities LLC as exclusive financial advisor, and by K&L Gates LLP as legal advisor.