(CercleFinance.com) – ABB announces that it has completed the previously announced sale to Hitachi of its remaining 19.9% stake in their Hitachi Energy joint venture formed from the Swiss engineering group’s power grid business in 2020.
The Japanese group, which already held an 80.1% stake, exercised its purchase option agreed between the parties in December 2018, in accordance with the agreement concluded at the end of September between the two partners.
Through this sale, ABB raised approximately $ 1.425 billion in cash in the fourth quarter of 2022. “This agreement will give us additional flexibility in our capital allocation decisions,” said its CFO Timo Ihamuotila three months ago.
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