ABB E-mobility, a global leader in electric vehicle charging solutions, today announced that it has signed an agreement with four minority investors to raise an additional CHF325 million in funds, in exchange for a total shareholding of approximately 12 percent in the company.
This transaction represents the second and final part of ABB E-mobility’s pre-IPO private placement of newly issued shares and is expected to close in the beginning of February 2023.
The investors taking part in the second round are BeyondNetZero, the climate solutions fund of General Atlantic, a leading global growth equity firm; GIC, a global institutional investor and Singapore’s sovereign wealth fund; Just Climate, a UK-based climate-led investment firm founded by Generation Investment Management; and Germany-based Porsche Automobil Holding SE, a holding company with investments in the areas of mobility and industrial technology and core shareholder in Volkswagen AG and Porsche AG. ABB E-mobility will use the proceeds to continue the execution of its growth strategy, driven by both organic and M&A investments in hardware and software.
Following the second round, ABB remains a committed partner to ABB E-mobility with a shareholding of approximately 80 percent.
In November 2022, ABB E-mobility announced the closing of the first round of the pre-IPO private placement of approximately CHF200 million.
ABB CEO Björn Rosengren said: “We are delighted to see investors sharing our strong confidence and trust in the E-mobility business growth story. Furthermore, ABB remains committed to our strategy to separately list the business subject to constructive market conditions.”
Lilja, Morgan Stanley, and UBS acted as financial advisors and Lenz & Stähelin acted as external legal advisors to ABB on the two rounds of the private placement.
Source: https://new.abb.com/news/detail/99443/abb-e-mobility-raises-additional-chf325-million-from-four-investors-in-second-and-final-round-of-pre-ipo-private-placement