ABB To Acquire 51% Stake In Mitsubishi Electric Joint Venture For JPY 82.4 Bln

India, Oct. 20 -- ABB Ltd. (ABB.ST,ABBNY), a technology company, on Tuesday announced that it will acquire a 51 percent controlling stake in a joint venture with Mitsubishi Electric Corp. (6503.T).

The company said the new entity is expected to be established on December 1, with the business transfer and joint venture transaction scheduled to close on October 1, 2027.

ABB said that the deal is expected to close in the second half of 2027.

The joint venture will focus on the low-voltage power distribution business.ABB will pay JPY 79 billion, or approximately $495 million, for the stake.

ABB will acquire a controlling 51 percent stake in the joint venture for JPY 82.4 billion or approximately $516 million, while Mitsubishi Electric will ...