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POST TIME: 18 December, 2018 00:00 00 AM
Hitachi to buy stake in ABB
AFP, Tokyo

Hitachi to buy stake in ABB

Japan’s Hitachi yesterday announced plans to buy a majority stake in the power grid business of Swiss-Swedish engineering giant ABB for $6.4 billion, in what would be its biggest ever buyout.

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 Japanese company said in a statement.