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12/12/2018, 10:57 AM (Source: TeleTrader)
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Hitachi in talks to acquire ABB's power grid business

Hitachi announced on Wednesday that it is closing in on a deal to acquire Swiss-Swedish electric company ABB’s power grid operations for between 600 and 800 billion yen ($7.6 billion) in a move that would see it expand its international presence in a rapidly-expanding market.

The deal, which the Japanese giant’s board confirmed on Wednesday, would be its largest-ever acquisition and would make Hitachi the world’s second-largest heavy electrical equipment maker by revenue, with only General Motors being larger.

The two companies are expected to conduct a final assessment of the business’s assets soon and may reach an agreement as early as this week. ABB’s power grid business, the world’s largest, includes the manufacture and operation of transformers, power transmission, distribution equipment and control systems. The company is active in India, China, North America, Europe and in various other territories.

Breaking the News / DZ