ABB has announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business for $2.6 billion; the transaction will be operationally accretive in year one.
ABB expects to realise approximately $200 million of annual cost synergies in year five, which will be key in bringing GE Industrial Solutions to peer performance. As part of the transaction and overall value creation, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE Industrial Solutions products and ABB products that GE sources today.
Ulrich Spiesshofer, CEO, ABB said, “With GE Industrial Solutions, we strengthen our number 2 position in electrification globally and expand our access to the attractive North American market. Combined with the long-term strategic supply relationship with GE, this transaction creates significant value for our shareholders. This in line with our next level strategy, wherein by strengthening competitiveness, mainly in the North American market, and lowering risk with an early-cycle business.”
The transaction is expected to close in H1 2018, subject to customary regulatory clearances. Credit Suisse and Dyal Co. acted as financial advisors to ABB, and Davis Polk & Wardwell provided legal counsel. Given this transaction, ABB has decided to put the previously announced share buyback program on hold.
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