(Reuters) – 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% to $651 in premarket trade.

Proficy currently accounts for about 20% 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 globa

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