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

Reuters
FILE PHOTO: Logo of Hitachi ABB is seen in Zurich

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.

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)