Hyperdrive
ABB Explores EV Charging Unit IPO to Help Fund Acquisitions
- Company carves e-mobility business into separate structure
- CEO says ‘many’ deals needed to maintain leading position
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ABB Ltd. will carve out its electric-vehicle charging business into a separate legal structure to prepare the unit for a potential listing and boost its ability to make acquisitions.
The Swiss engineering giant is the market leader in EV charging and growing “extremely fast,” ABB Chief Executive Officer Bjoern Rosengren said in an interview with Bloomberg Television. The business could fetch a valuation between between $1.5 billion and $2 billion, according to William Mackie, analyst at Kepler Chevreux.