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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. [81]
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.
In July 2020, Hitachi acquired 80.1% of ABB’s power grid business for 740 billion yen (US$68.5 billion) and completed the acquisition with the remaining 19.9% in December 2022. [95] Merged with Hitachi’s own power grid operations, the entity has become a major supplier of high-voltage direct current transmission systems. [96]
Tropos Networks is a privately held company. Venture investors include Benchmark Capital, Boston Millennia Partners, Cipio Partners, Duff Ackerman & Goodrich, Hanna Ventures, Integral Capital Partners and Voyager Capital.
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The remainder of Alstom Group, including GE Signalling (acquired via a €700 million deal), refocused on rail transport. [94] [95] [96] Due to the acquisition, GE accrued $17.3bn of goodwill, consisting of Alstom's negative book value of $7.2bn at the time of acquisition and the $10.1bn purchase price. In October 2018, GE wrote-off $23bn from ...
In 1987, it announced a merger with the Swiss company Brown, Boveri & Cie (BBC) to form ABB. [1] [3] The merge took effect on 1 January 1988. [4] After this merger, ABB acquired several companies, including the power transmission and distribution operations of the Westinghouse Electric Corporation and the Combustion Engineering Group. [1]