EnergyWatch

NKT finalizes acquisition of ABB's cables

After securing approval from the EU Commission Monday, NKT has now completed its huge acquisition of industry peer ABB's cable division.

New and improved NKT Cables is now reality. This is clear after NKT announced Wednesday that the major acquisition of ABB's high-voltage cable business has been finalized.

The purchase has been completed after the EU Commission approved the acquisition Monday. NKT Cables is buying ABB's high-voltage cable business (ABB HV Cable) for EUR 712 million. Furthermore, a new cable-laying vessel from the Swiss/Swedish conglomerate is included in the transaction, pushing the full purchasing sum to EUR 836 million.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

WindEurope warns against negative auction bids

If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.

BW Offshore halved bottom line in Q1

The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.

Equinor exits Russia

Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.

Further reading

Related articles

Latest News

See all jobs