ZURICH, Sept 21 (Reuters) - Swiss power and automation group ABB is selling its high-voltage cable business to NKT Cables in a deal with an enterprise value of 836 million euros ($930 million), part of a strategic review of its Power Grids division.
“This transaction will simplify and focus the Power Grids portfolio,” ABB Power Grids division head Claudio Facchin said in a statement on Wednesday.
The transaction is expected to close in the first quarter of 2017 subject to regulatory approval and fulfilment of closing conditions.
ABB’s cable system business had adjusted standalone revenues of $524 million in 2015 and employs around 900 people, while NKT Cables employs around 3,200 and had revenues of 1.2 billion euros in 2015, the Swiss company said.
$1 = 0.8986 euros Reporting by Brenna Hughes Neghaiwi
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