Swiss ABB sells remaining stake in power grid business to Hitachi

ABB, a Swiss engineering company, said today that the sale of its remaining 19.9% ownership in its power grid business has been completed. Hitachi Group acquired a majority stake in it prior to that.

Hitachi exercised an option to purchase the shares in accordance with the terms of its agreement to purchase an 80.1 percent ownership in the company in December 2018. Hitachi Energy is the new name of the company.

In Q4 2022, ABB reported net cash inflows from the sale of the interest of roughly $1.425 billion.

source: bloomberg.com