ABB Ltd (ABBN) said earlier this week it had expanded its majority stake in Chinese electric vehicle charging provider Chargedot from 67% to 80%.
The deal comes as part of ABB E-mobility’s growth strategy and is expected to speed up the expansion of its portfolio to include turnkey EV infrastructure solutions to private and public commercial fleets, EV manufacturers, ride-share operators, municipalities as well as commercial facilities owners.
However, the financial details of the transaction remained undisclosed.
The other shareholder, which owns a 20% stake, is Shanghai SAIC Anyo Charging Technology Co, a subsidiary of Chinese vehicle maker SAIC.
As of 8:29 GMT on Wednesday the shares of ABB Ltd were gaining 0.87% (CHF 0.28) on the day to trade at CHF 32.42 in Zurich.
Yesterday ABB Ltd shares closed higher for a second straight trading session in New York, up 1.18% to $35.18.