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12/17/2018, 6:04 AM (Source: TeleTrader)
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Hitachi, ABB reach $7B deal - report

Japanese industrial conglomerate Hitachi reached a deal to acquire Swiss-Swedish electric company ABB’s power grid operations for an estimated 800 billion yen ($7.06 billion), Nikkei Asian Review reported citing sources familiar with the matter.

Hitachi and ABB are expected to hold a news conference on the agreement on Monday afternoon. Japanese giant announced earlier that it plans to move forward with the deal that would be its largest-ever acquisition.

Breaking the News / KP