Deals
ABB Plans Sale of Power Unit That Serves Verizon, Google
- Company confirms it’s begun a strategic review of the business
- Power-conversion unit was acquired in 2018 in GE division deal
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Swiss engineering company ABB Ltd. is starting a sale of a power-conversion unit that helps telecommunications and technology companies run infrastructure and use energy more efficiently, people familiar with the matter said.
ABB is working with Citigroup Inc. on the divestment and sales documents were sent out to potential private equity and industrial bidders in the last week, the people said, asking not to be identified because the process is private. The unit was acquired as part of ABB’s $2.6 billion deal for General Electric Co.’s industrial solutions business in 2018.