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In July 2020, ABB divested its power grid business and sold 80.1% of that to Hitachi Ltd., leading to the formation of Hitachi ABB Power Grids. [1] In October 2021, Hitachi ABB Power Grids changed its company name to Hitachi Energy. In December 2022, it was confirmed that Hitachi acquired the remaining 19.9 percent shares from ABB Ltd. [2]
In December 2018, ABB and Hitachi announced that the latter would take over ABB's entire Power Grids division in exchange for roughly $6.4 billion. Hitachi officially acquired 80.1% of the business in July 2020. Initially known as Hitachi ABB Power Grids, the new Hitachi subsidiary was rebranded as Hitachi Energy in October 2021. [84]
ABB's divestment of an 80.1% stake in the Power Grids business will help it concentrate on core operations. Also, net proceeds are likely to be used for rewarding shareholders through share buybacks.
The deal talks ended due to the parties not being able to agree on price. Also governmental antitrust action was a concern. [433] 7 1999 MCI WorldCom: Sprint: 129.0 235.9 The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction. [428] [434] [435 ...
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Vetco was a British oilfield service company that was established in July 2004 and operated through its subsidiaries Vetco Gray and Vetco Aibel AS. Vetco was the result of a consortium consisting of the private equity firms Candover, 3i and JP Morgan Partners, which took over ABB's oil and gas division, ABB Offshore Systems.
In November 2012, MHI and Hitachi agreed to merge their thermal power generation businesses into a joint venture to be owned 65% by MHI and 35% by Hitachi. [23] [24] The joint venture began operations in February 2014 and ended in 2020, as Hitachi transferred its shares to MHI. [23] [24] [25]