Hitachi, Ltd. (TSE:6501) is in the final stages of talks to acquire the power grid operations of ABB Ltd (SWX:ABBN) for up to an estimated ¥800 billion ($7.06 billion), seeking to build up its overseas presence in a market poised for rapid growth. Hitachi's board on December 12, 2018 confirmed plans to move forward with the deal, which would be the Japanese industrial conglomerate's largest-ever acquisition. The two companies will soon conduct a final assessment of the assets of the business and are expected to reach an agreement as early as this week.

The acquisition price is expected to be between ¥600 billion and ¥800 billion.