ABB to sell power grids division to Japan’s Hitachi in $11b deal

A shopper rides an escalator past a logo of Hitachi Corp at an electronics retail store in Tokyo February 3, 2014. REUTERS/Yuya Shino/Files

ABB will sell 80.1 percent of its Power Grids division to Japan’s Hitachi, the Swiss engineering group said on Monday, adding it would return net cash proceeds of $7.6-7.8 billion from the deal to shareholders.

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