Hitachi closes in on US$7bn ABB power business acquisition
13 December, 2018
Japan’s Hitachi is in talks to purchase all or part of Swiss technology giant ABB’s power grid business in a deal estimated to be worth approximately US$7bn (£5.5bn).
ABB has been discussing the potential sale of the business with Hitachi, Mitsubishi Electric Corp and State Grid of China to focus on its more profitable divisions.
The division, which makes power transformers and electricity substations, employs 36,000 people and had sales of US$10.4bn (£8.2bn) last year.
If it goes ahead it will become the Japanese industrial conglomerate’s largest ever acquisition.