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Tech giant ABB sells power grids to Hitachi

ABB in Västerås. Photo: Simon Paulin/SvD/TT

Published: 17.Dec.2018 08:51 hrs

Japan's Hitachi said it would buy a majority stake in Swedish-Swiss engineering giant ABB's power grid business for $6.4 billion.

The deal would make Hitachi the world's largest power grid company, local media said.

Under the plan, ABB will spin off its power grid unit, for which Hitachi will buy an 80.1 percent stake for 704 billion yen in early 2020, the Japanes company said in a statement.

Read full article on The Local

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