By Scott Kanowsky
Investing.com -- ABB Ltd's (SIX:ABBN) E-mobility electric vehicle charging business has announced that it has raised about CHF 200 million (CHF 1 = $1.0443) from the private placement of shares ahead of its planned initial public offering.
In a statement on Monday, ABB E-mobility said the transaction of the newly issued shares will be led by a group of minority investors including the firm's chairman Michael Halbherr, investment group Interogo, and Swiss single-family office moyreal. The deal will close during the fourth quarter this year.
The move comes after ABB delayed the IPO of the E-mobility unit in June, citing adverse "challenging" market conditions. ABB said it will retain an about 92% stake in ABB E-mobility.
In a statement, ABB chief executive officer Björn Rosengren said the Swiss engineering and technology group remains "committed" to its strategy to separately list the division.
"The private placement underpins our joint commitment to ensure ABB E-mobility’s fast growth in order to remain best positioned to lead the sector in EV charging solutions,” Rosengren added.