ABB completes sales negotiations with Baldor Electrical
Baldor Electrical has been acquired by ABB in a deal worth $4.2 billion.
ABB has completed sales negotiations with Baldor Electrical in a deal that will compliment the business's existing portfolio.
In addition, the move allows the company to enter the North American industrial market, which will help the firm to grow by using the strong market access Baldor has to the region.
Under the terms of the transaction, the automation and power technology group will acquire the industrial motors enterprise for $4.2 billion (£2.7 billion), which includes a net debt of $1.1 billion and values each share at $63.50.
"Baldor's product range and regional scope are highly complementary to ours and give both companies significant opportunities to deliver greater value to our customers," said chief executive of ABB Joe Hogan.
Earlier this week, BP completed sales negotiations with Bridas Corporation that saw the company sell its interests in Pan American Energy - the Argentina-based oil and gas company - for a total of $7.06 billion.