Switzerland ’s ABB has confirmed that it is in talks with shareholders to expand their electrical grid business for an estimated JPY800bn ( $ 7.06bn ) . The two companies are expected to reach an agreement as early as this month , and would make the deal the Japanese conglomerate ’s largest - ever acquisition and see Hitachi as the world ’s second - largest heavy electrical equipment maker by revenue , behind GE . they are looking to expand its power transmission and distribution business to generate funds and strengthen other industries such as automation and robotics .
Switzerland’s ABB has confirmed that it is in talks with Hitachi to sell their power grid business for an estimated JPY800bn ($7.06bn). The two companies are expected to reach an agreement as early as this month, and would make the deal the Japanese conglomerate’s largest-ever acquisition and see Hitachi as the world’s second-largest heavy electrical equipment maker by revenue, behind GE. ABB are looking to set its power transmission and distribution business to generate funds and strengthen other areas such as automation and robotics.