ABB Ltd acquired GE Industrial Solutions for approximately $2.6 billion, a transaction completed in June 2018, structured as all cash.
GE Industrial Solutions operates in Electrification / low-voltage products, is based in Atlanta, Georgia, United States. GE Industrial Solutions was General Electric's global electrification business, spanning low-voltage products, breakers, switchgear and control systems with a large installed base, especially in North America. ABB acquired it for about $2.6 billion and secured a long-term right to use the GE brand plus a strategic supply relationship with GE.
The deal strengthened ABB's number-two position in electrification and expanded its North American footprint, with the opportunity to pair ABB's ABB Ability digital offering with the large GEIS installed base and about $200 million of annual cost synergies targeted by year five.
approximately $200 million of annual cost synergies targeted in year five Electrification Products Industrial Solutions (EPIS) business unit
Advisory firms were not disclosed for this transaction.