Hitachi: Acquired ABB’s power grid business: The acquisition price is 750 billion yen
Hitachi: ABB
Hitachi completed the acquisition procedure of the ABB power grid business in Switzerland.
The purchase price is Hitachi’s largest ever record of 750 billion yen.
Hitachi ABB Power Grids:
Hitachi ABB Power Grids, a new company that succeeds ABB’s power grid business, was launched on July 1.
Hitachi acquired 80.1% of the shares of the operating company split from ABB.
Hitachi plans to acquire the remaining 19.9% stake in ABB from 2023 and make it a wholly owned subsidiary.
The decarbonization of the power generation side is progressing, and the need for utilizing renewable energy is increasing.
It is expected that investment in power transmission and distribution networks with advanced functions such as supply and demand adjustment will increase.
Nikkei Business
https://business.nikkei.com/atcl/gen/19/00002/070201226/
ABB completes divestment of Power Grids to Hitachi Hitachi
ABB Power Grids joint venture starts operations
ABB’s portfolio focused on industrial customers
Net cash proceeds to be returned to shareholders as planned
ABB
today reached a significant milestone in the company’s transformation towards a decentralized global technology company, with the completion of the divestment of 80.1 percent of its Power Grids business to Hitachi, as planned.
The divestment
allows ABB to focus on key market trends and customer needs such as the electrification of transport and industry, automated manufacturing, digital solutions and increased sustainable productivity.
https://new.abb.com/news/detail/64657/abb-completes-divestment-of-power-grids-to-hitachi