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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 | 01:00:00 |
From May 2022 to May 2024
By Pierre Bertrand
ABB Ltd said Friday that it has agreed to divest its remaining 19.9% stake in joint venture Hitachi Energy to Hitachi Ltd.
The JV was formed in 2020 between the Swiss technology company's power grids business and Hitachi. The Japanese electrical equipment manufacturer holds an 80.1% stake in the venture and has exercised a call option worth $1.68 billion for the remaining shares, ABB said.
ABB said it expects a net positive cash inflow of approximately $1.43 billion as a result of the sale. The transaction is subject to regulatory approvals and closing is expected in the fourth quarter of the year.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
September 30, 2022 02:42 ET (06:42 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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