Zurich, Switzerland
According to sources, Swiss technology group ABB plans to list its e-mobility division on the stock market next year in a deal that could value the fast-growing business at about $3 billion. As per the sources, the company is working with investment bank Lilja on the preparations for the e-mobility IPO, said the sources, and that UBS and Morgan Stanley are seen in the lead to fetch the global coordinator mandates of the 2022 flotation. They added that the carve-out of the unit, which has activities in 85 countries, is ongoing and a deal could happen in the first half of 2022, but that the timing could also slip.
ABB and the three banks all declined to comment.
had previously announced plans for an initial public offering, but had not given a timeline or valuation. The e-mobility business, which makes fast chargers for electric cars and buses, is benefiting from a global boom in battery-powered vehicles.
CEO
Bjorn Rosengren said in April that the group would likely keep a majority stake
after an IPO that would help the unit make acquisitions. Demand for ABB's
e-mobility devices is high as countries switch from petrol-fired cars to
electric vehicles and build charging infrastructure.
The European Union has said it wants 1 million charging points installed by 2025 and 3 million by 2030, up from the 225,000 that were up and running in 2020.
Source: Mint
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