ABB China Ltd. completed the acquisition of 40% stake in ABB Sifang Power System Co. Ltd. from Beijing Sifang Automation Co.,Ltd.
February 24, 2021
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ABB China Ltd. agreed to acquire 40% stake in ABB Sifang Power System Co. Ltd. from Beijing Sifang Automation Co.,Ltd (SHSE:601126) for approximately CNY 110 million on May 8, 2020. ABB China Ltd. will pay the consideration amount within five days after the signing of the agreement. As of October 23, 2020, the transaction margin and equity transfer amount of CNY 105 million in the co-managed account was released and transferred to Beijing Sifang Automation's account. For the year ended December 31, 2019, ABB Sifang Power System Co. Ltd. reported total assets of CNY 847.5 million, net assets of CNY 144.1 million, operating revenue of CNY 457.1 million and net loss of CNY 0.44 million. The transaction was approved by the 9th meeting of the 6th directorate of Beijing Sifang Automation Co.,Ltd. As of October 13, 2020, the Anti-Monopoly Bureau unconditionally approved the transaction.
ABB China Ltd. completed the acquisition of 40% stake in ABB Sifang Power System Co. Ltd. from Beijing Sifang Automation Co.,Ltd (SHSE:601126) on February 25, 2021.
BEIJING SIFANG AUTOMATION CO., LTD is a China-based company, principally engaged in the design of products, development of industrial software, system integration and services in intelligent electricity generation, intelligent power transmission and distribution and intelligent transportation. The Company primarily provides relay protection and substation automation systems, including relay protection and automation equipment, and substation automation systems; power system security and stability monitoring and controlling systems, including dynamic security monitoring systems as well as security and stability controlling systems; power plant automation systems, including power plant electric automation systems; grid relay protection relay and fault information systems, dispatching automation systems, electrical/electronic products, as well as rail transportation automation systems. Its products are applied in electric power, petrochemical, railway, coal and metallurgy industries.