ABB E-Mobility Raises $200 Million in Pre-IPO Private Placement

By Pierre Bertrand

ABB Ltd. said Monday that its e-mobility unit has raised around 200 million Swiss francs ($209 million) through newly-issued shares to new minority investors ahead of its planned initial public offering.

The placement includes the participation of Interogo Holding, Moyreal Holding and E-mobility Chairman Michael Halbherr, the Swiss technology company said.

ABB said that it now holds approximately 92% of ABB E-mobility shares and that the unit will use the funds for its growth strategy.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

11-21-22 0255ET