© ABB Electronics Production | December 12, 2018
ABB confirms talks with Hitachi
Reports that power and automations company ABB is negotiating with Hitachi regarding the sale of its Power Grid business have been floating around during the day. ABB now confirms that it is indeed talking with the Japanese company.
Japanese Nikkei business daily reported earlier that the two companies were close to agreeing on a deal where Hitachi would take over ABB’s Power Grid business in a USD 7.1 billion deal. And according to the report, the board of Hitachi had confirmed a plan to move forward with the deal. However, a company spokesman has since denied that the company has made such an announcement and declined to comment further. ABB however now confirms that the companies are indeed talking, but without going into further details than that they are looking to “expand and re-define the existing strategic power grid partnership between the two companies.” The full statement from ABB can be found below. "ABB confirms that it is currently in discussions with Hitachi to expand and re-define the existing strategic power grid partnership between the two companies announced in December 2014. There can be no certainty that any transaction will occur, or as to the timing, structure or terms of any transaction," the company writes in a statement.