Switzerland, July 3 -- ABB reached a significant milestone in the company's transformation towards a decentralized global technology company, with the completion of the divestment of 80.1 percent of its Power Grids business to Hitachi, as planned.
The divestment allows ABB to focus on key market trends and customer needs such as the electrification of transport and industry, automated manufacturing, digital solutions and increased sustainable productivity.
Consistent with ABB's capital structure optimization program, ABB plans to return to shareholders net cash proceeds of $7.6-7.8 billion from the sale of Power Grids. ABB initially intends to launch a share buyback program of 10 percent1 of the company's issued share capital shortly afte...