Hitachi completes US$7bn acquisition of ABB Power Grids business
03 July, 2020
Japanese conglomerate Hitachi has completed the acquisition of an 80.1% stake in ABB Power Grids for US$6.85bn (£5.5bn).
First announced in 2018, the deal also includes the option for ABB to sell the remaining 19.9% stake in the newly formed joint venture in three years.
Headquartered in Switzerland and employing approximately 36,000 people, Hitachi ABB Power Grids currently serves customers in more than 90 countries with annualised revenues of around US$10bn (£8bn).
Hitachi claimed that the combination of the power grid business with its advanced digital technologies will provide innovative energy solutions.