ZURICH (Reuters) – ABB has completed the sale of its remaining 19.9% stake in the power grids business it sold to Hitachi, the Swiss engineering and technology group said on Wednesday.
Hitachi has exercised a call option that was agreed when it bought 80.1% of the business – now called Hitachi Energy – in December 2018.
Through the divestment, ABB has realised a net positive cash inflow of approximately $1.425 billion in the fourth quarter 2022, it said.
(Reporting by John Revill; Editing by Kirsten Donovan)
