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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