ABB gets $1.4 billion after completing power grids sale to Hitachi
Reuters
Published Dec 28, 2022 10:29
ZURICH (Reuters) - ABB has completed the sale of its remaining 19.9% stake in the power grids business it sold to Hitachi, the Swiss engineering and technology group said on Wednesday.
Hitachi has exercised a call option that was agreed when it bought 80.1% of the business - now called Hitachi Energy - in December 2018.
Through the divestment, ABB has realised a net positive cash inflow of approximately $1.425 billion in the fourth quarter 2022, it said.
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Written By: Reuters
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