Deals
ABB to Sell Cables Business to Danish NKT for $934 Million
- Business is part of power-grid unit under strategic review
- Shareholder Cevian says supports sale, still wants break up
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ABB Ltd., under pressure from Swedish activist shareholder Cevian Capital AB to spin off its power-grid division, said it will slim down the business by selling some operations to NKT Cables for an enterprise value of $934 million.
The sale of its high-voltage cable system to the Danish company also comes with a long-term supply agreement, Zurich-based ABB said in a statement on Wednesday. Progress on the strategic review of the power-grids business will be given Oct. 4, it said.