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Business deals

Rise of Chinese rival drove Hitachi's ABB power grid purchase

CEO says $6.4bn deal is step to become a truly global company

A robot inspects an electrical substation of the State Grid Corporation of China in Zhejiang Province. The Chinese rival's aggresive overseas expansion pushed Hitachi to acquire the ABB business.    © Reuters

TOKYO -- Hitachi said Monday it has reached a deal to acquire the power grid business of Switzerland's ABB for $6.4 billion as the Japanese industrial conglomerate strives to build up its overseas presence in a market poised for rapid growth.

"This deal shows the way forward for Hitachi as we aim to become a truly global company," Toshiaki Higashihara, president and CEO of Hitachi, told reporters on Monday. 

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