(Reuters) -GE Vernova ( GEV ) said on Tuesday that it would acquire the remaining 50% stake of Prolec GE, its unconsolidated joint venture with Xignux.

The company said it would pay $5.28 billion at closing, funded equally between cash and debt.

The power equipment maker said the deal would boost its Electrification segment's growth, betting on rising demand for grid technologies.

The joint venture was originally established between Xignux and General Electric ( GE ) in 1995.

Shares of GE Vernova ( GEV ) were up marginally in after-hours trading.