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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ABB Ltd | NYSE:ABB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 37.13 | 0 | 00:00:00 |
From Dec 2022 to Dec 2024
By Ed Frankl
ABB Ltd. said Wednesday that its E-Mobility unit had raised 325 million Swiss francs ($354.7 million) from investors including Volkswagen AG's majority shareholder in a final round before its expected initial public offering.
The new investors are Porsche Automobil Holding SE, which controls the German car manufacturer, General Atlantic LLC's climate fund BeyondNetZero, Singapore's sovereign-wealth fund GIC Private Ltd., and U.K. climate-investment firm Just Climate.
The group takes a shareholding of approximately 12% in the company, with ABB retaining around 80%.
The deal represents the second and final part of ABB E-Mobility's pre-IPO private placement of newly issued shares and is expected to close in the beginning of February, the company said.
Through the private placement, ABB E-Mobility has raised a total of around CHF525 million, it said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
February 01, 2023 02:36 ET (07:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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