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robotics/news//Bloomberg
Swiss industrial giant ABB Ltd. agreed to sell its robotics unit to SoftBank Group Corp. for more than $5 billion.
ABB Ltd. is selling its robotics unit to SoftBank Group for nearly $5.4 billion.
KEY POINTS
The sale price of ABB's robotics unit exceeds analyst expectations significantly.
ABB CEO Morten Wierod stated the deal increases ABB's capacity for further acquisitions.
The sale was announced unexpectedly by ABB, indicating a possible strategic shift.
ABB Ltd. has the appetite and firepower for acquisitions after the Swiss industrial giant agreed to sell its robotics unit to SoftBank Group Corp. for more than $5 billion.
“We have today, especially after this deal, higher power to do what we want to do,” ABB Chief Executive Officer Morten Wierod said in an interview Wednesday. The Zurich-based company unexpectedly announced the sale of its robotics business to Japan’s SoftBank for almost $5.4 billion, well above analysts’ expectationsBloomberg Terminal.