Hitachi’s $6.4 Billion Acquisition of ABB’s Power Grids Business

Baker McKenzie, Freshfields Bruckhaus Deringer and Pinheiro Neto advised on the deal

Hitachi Ltd.’s executed the acquisition of ABB Ltd.’s power grid division for about $6.4 billion.

Hitachi agreed to acquire 80.1 percent of a business with an enterprise value including net debt of $11 billion. ABB will keep the remaining stake.

Hitachi, Ltd. manufactures communications and electronic equipment, heavy electrical and industrial machinery, and consumer electronics. The company, led by Hiroaki Nakanishi, Toshiaki Higashihara and Masakazu Aoki, in 2017 recorded $84.7 billion Revenues.

Baker McKenzie advised Hitachi Ltd. with David Allen (Picture), Kathy Honeywood, Jannan Crozier, Juan F. Vera Cardona. Asociadas Adriana Carolina Combatt and Stefanía Olmos.

Freshfields Bruckhaus Deringer advised ABB Ltd. with Piers Prichard Jones, Stephen Hewes and Nina Janic.

In Brazil, Pinheiro Neto advised ABB Ltd. with Eduardo H. Paoliello Jr., Jorge N.F. Lopes Jr., Cauê Rezende Myanaki,  Gabriela Conca and Luiza Baltazar Scotini.

Homburger advises ABB in this transaction, including with respect to the governance of the joint venture between ABB and Hitachi, the carve-out transactions, the cash return measures and all other Swiss aspects of the transaction. The Homburger team is led by partner Claude Lambert (Corporate | M&A) and includes partners David Oser (Corporate | M&A) and Reto Heuberger (Tax), associates Andreas Müller, Marc Schamaun (both Corporate | M&A) and Marc Vogelsang (Tax) as well as paralegal Maria Braun (Corporate | M&A). Freshfields Bruckhaus Deringer LLP acts as global transaction counsel to ABB.

Involved fees earner: David Allen – Baker McKenzie; Adriana Carolina Combatt – Baker McKenzie; Jannan Crozier – Baker McKenzie; Stefania Olmos – Baker McKenzie; Juan Vera Cardona – Baker McKenzie; Kathy Honeywood – Clifford Chance; Stephen Hewes – Freshfields Bruckhaus Deringer LLP; Nina Janic – Freshfields Bruckhaus Deringer LLP; Piers Prichard Jones – Freshfields Bruckhaus Deringer LLP; Reto Heuberger – Homburger; Claude Lambert – Homburger; Andreas Müller – Homburger; David Oser – Homburger; Marc Schamaun – Homburger; Marc Vogelsang – Homburger; Gabriela Conca – Pinheiro Neto; Jorge Lopes Jr. – Pinheiro Neto; Eduardo Paoliello Jr. – Pinheiro Neto; Caue Rezende Myanaki – Pinheiro Neto;

Law Firms: Baker McKenzie; Clifford Chance; Freshfields Bruckhaus Deringer LLP; Homburger; Pinheiro Neto;

Clients: ABB; Hitachi Ltd;

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