By Ed Frankl

ABB Ltd. said Wednesday that its E-Mobility unit had raised 325 million Swiss francs ($354.7 million) from investors including Volkswagen AG's majority shareholder in a final round before its expected initial public offering.

The new investors are Porsche Automobil Holding SE, which controls the German car manufacturer, General Atlantic LLC's climate fund BeyondNetZero, Singapore's sovereign-wealth fund GIC Private Ltd., and U.K. climate-investment firm Just Climate.

The group takes a shareholding of approximately 12% in the company, with ABB retaining around 80%.

The deal represents the second and final part of ABB E-Mobility's pre-IPO private placement of newly issued shares and is expected to close in the beginning of February, the company said.

Through the private placement, ABB E-Mobility has raised a total of around CHF525 million, it said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

February 01, 2023 02:36 ET (07:36 GMT)

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