GENEVA — ABB, the Swiss robotics and Industrial machinery maker, is buying the electrification services unit of U.S. conglomerate General Electric ( GE ) in a deal valued at $2.6 billion.
The deal is set to boost ABB's presence in its crucial North American market.
The deal between ABB, which provides high-tech equipment for the transport, utility and infrastructure industries, and GE is expected to close in the first half of next year.
In a joint statement, the companies say the electrification services unit was not a "core business" for GE.
ABB's chief executive, Ulrich Spiesshofer, described the unit as an " unloved child " on a call with journalists.
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