ABB has announced that it had signed an agreement to divest its Robotics division to SoftBank Group Corp. (SoftBank) for an enterprise value of $5.375 billion (€4.75b).
The transaction is subject to regulatory approvals and customary closing conditions. The process to obtain the regulatory approvals is managed by SoftBank. ABB confirms that it has been informed by SoftBank that the Office of the Working Mechanism for Foreign Investment Security Review in China has prohibited the acquisition of the ABB Robotics business in China. ABB and SoftBank are in close dialogue and are working constructively on the transaction.
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