By Ed Frankl
ABB Ltd. said Wednesday that its E-Mobility unit had raised 325 million Swiss francs ($354.7 million) from investors including Volkswagen AG's majority shareholder in a final round before its expected initial public offering.
The new investors are Porsche Automobil Holding SE, which controls the German car manufacturer, General Atlantic LLC's climate fund BeyondNetZero, Singapore's sovereign-wealth fund GIC Private Ltd., and U.K. climate-investment firm Just Climate.
The group takes a shareholding of approximately 12% in the company, with ABB retaining around 80%.
The deal represents the second and final part of ABB E-Mobility's pre-IPO private placement of newly issued shares and is expected to close in the beginning of February, the company said.
Through the private placement, ABB E-Mobility has raised a total of around CHF525 million, it said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
02-01-23 0236ET