ABB gets $1.4 billion after completing power grids sale to Hitachi

[December 28, 2022]  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. 

The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File Photo

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)

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