ABB E-Mobility Raises Further $350 Million Ahead of IPO
February 01 2023 - 2:51AM
Dow Jones News
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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