ABB places second block of E-Mobility shares ahead of float

ABB places second block of E-Mobility shares ahead of float

ZURICH (Reuters) – ABB has raised 325 million Swiss francs ($355 million) from selling a further part of its electric vehicle (EV) charging business to four minority investors, the Swiss engineering and technology company said on Wednesday.

The investors will take a combined 12% stake in the E-Mobility business in the final round of private placements before its planned flotation this year, ABB said.

The new investors include BeyondNetZero, the climate fund of private equity firm General Atlantic, Singapores sovereign wealth fund GIC, and Just Climate, a UK-based climate-led investment firm founded by Generation Investment Management.

Porsche Automobil Holding SE, a holding company with investments in mobility and industrial technology and Volkswagen AG and Porsche AG as core shareholders, is the other investor, ABB said.

The breakdown of the stakes taken was not given by ABB, which said the transaction represented the final placement ahead of the IPO.

The company had already raised around 200 million Swiss francs from allocating an 8% stake in the business to investors.

Cash raised from the two placements will be used to fund organic growth and acquisitions at E-Mobility. ABB will retain a shareholding of around 80% in the business, it added.

($1 = 0.9155 Swiss francs)