ABB has raised a further CHF 325 million in a private placement ahead of the planned IPO of its E-Mobility division. (archive image)
The company raised CHF 325 million with a second private placement. As part of a “second and final round of the pre-IPO private placement”, new shares will be issued, as ABB announced on Wednesday. A corresponding agreement has been concluded with four minority shareholders.
The four new shareholders are the American company BeyondNetZero, a fund of the growth capital company General Atlantic that focuses on climate solutions, the sovereign wealth fund GIC from Singapore, the climate-oriented British investment company Just Climate and Porsche SE in Germany. For their total investment of CHF 325 million, they receive a share of around 12 percent in e-mobility.
ABB E-Mobility intends to use the proceeds to further implement its growth strategy, which includes both organic and M&A investments in hardware and software. ABB retains a stake of around 80 percent in e-mobility.
At the end of November, ABB had already raised around 200 million francs with a private placement for e-mobility. That was what we had at the time
the equity strategy fund of Interogo Holding, the family office Moyreal and Michael Halbherr, Chairman of the Board of Directors of ABB E-Mobility. In total, around 525 million Swiss francs were taken.
“We are sticking to our strategy of listing our e-mobility business separately if market conditions are constructive,” said ABB CEO Björn Rosengren in the statement.
(SDA)