ABB E-Mobility Raises $200 Million in Pre-IPO Private Placement -- Update
21 November 2022 - 12:40PM
Dow Jones News
By Pierre Bertrand
ABB Ltd. said Monday that its E-mobility unit has raised around
200 million Swiss francs ($209 million) through newly-issued shares
driven by new minority investors ahead of its planned initial
public offering.
The placement includes the participation of Interogo Holding,
Moyreal Holding and E-mobility Chairman Michael Halbherr. The
transaction will close during the fourth quarter 2022, the Swiss
technology company said.
ABB said that it now holds approximately 92% of ABB E-mobility
shares and that the unit will use the funds for its growth
strategy.
ABB had planned to list the unit in the second quarter of 2022
but postponed the offering in the summer citing challenging market
conditions. In October, the company said it wasn't expecting the
IPO to take place this year.
The company said it remains committed to listing the unit.
The E-mobility unit specializes in electric-vehicle charging
solutions and infrastructure including for cars, buses and
trucks.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 21, 2022 06:25 ET (11:25 GMT)
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