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NKT Cables is acquiring ABB’s global high-voltage cable system business with a total enterprise value of US$934 million. High voltage cables are key components in sustainable energy networks, used for transmitting large amounts of electricity over long distances. The business is part of ABB’s Power Grids division, which is currently undergoing a strategic review.
NKT Cables designs, manufactures and supplies power cables for low-, medium- and high-voltage solutions mainly in the Alternating Current (AC)-area. It has major production facilities in Europe and China as well as sales offices around the world, and employs around 3,200 people. In 2015, revenue was 1.2 billion euros.
ABB’s high-voltage cable technology and manufacturing as well as service footprint complements NKT Cables’ activities, making the combined business suited to serve the rising demand for long-distance power transmission cable systems. The combined operational scale and reach of the two businesses is expected to lead to even better service for global customers.
ABB’s cable system business offers turnkey solutions including design, engineering, supply, installation, commissioning and service. The transfer of assets also includes a new, cutting-edge cable-laying vessel, currently under construction. With experience of over a century, the business serves a range of applications and has commissioned hundreds of alternating current and direct current links around the world.
The transaction is anticipated to close in Q1 2017, subject to regulatory clearances and fulfilment of the closing conditions.