Hitachi to announce purchase of ABB’s power grid business Monday: Nikkei

A logo of Hitachi Ltd. is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) – Hitachi Ltd (6501.T) and ABB (ABBN.S) will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group’s power grid business for up to $7 billion, the Nikkei business daily reported.

The two companies, which have previously said they were in talks, will hold a news conference later on Monday, the business daily said. The report said the acquisition was likely to total around 600 billion to 800 billion yen ($5.3 billion to $7 billion).

A Hitachi spokesman declined to confirm the report, saying it was not something it announced.

Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim

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