ABB to sell Power Grids division to Hitachi in $11-billion deal
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TOKYO/ZURICH (Reuters) - ABB will sell 80.1 percent of its Power Grids division to Japan's Hitachi , the Swiss engineering group said on Monday, adding it would return net cash proceeds of $7.6-7.8 billion (6.04-6.20 billion pounds) from the deal to shareholders.The Zurich-based company, which said the transaction put the Power Grids business's enterprise value at $11 billion, also said on Monday it would be modifying the structure of its remaining businesses.That reshuffle will result in..