Zurich, SWITZERLAND - The transfer of shares will be completed by end of December 2022, subject to regulatory approvals.

Hitachi Energy has announced that Hitachi, Ltd. has signed a share transfer agreement for the remaining 19.9% shares from ABB Ltd, pursuant to the acquisition agreement signed on December 17, 2018. This is in line with the plan and ahead of schedule, and the transfer of shares will be completed by end of December 2022, subject to regulatory approvals.

"We are pleased with the progress of Hitachi Energy and we look forward to supporting the Hitachi Energy 2030 Plan, as announced during Hitachi Investor Day 2022," said Yoshihiko Kawamura, Executive Vice President and Executive Officer, CFO of Hitachi, Ltd., and the Chair of the Board of Hitachi Energy.

According to Hitachi Energy, they are making good progress with their portfolio offering that is strengthening, expanding, and evolving the power system supporting customers and partners across the entire lifecycle to enable a sustainable, flexible and secure energy system.

Source: Hitachi Energy