Hitachi to buy ABB's power grids unit valued at USD 11 billion

Hitachi Ltd. is making its biggest ever acquisition by agreeing to purchase the power grid division of ABB Ltd., a deal that is aimed at turning the Japanese conglomerate into a top global provider of equipment for electricity networks.

By Bloomberg News, Aaron Kirchfeld

Hitachi will acquire 80.1 percent of the business with an enterprise value of USD 11 billion. ABB, which will own the remainder of business, plans to return USD 7.6 billion to USD 7.8 billion through a share buyback or other measures, it said Monday.

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