ABB readies electric vehicle charger business for $3 billion IPO next year – sources

The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann

FRANKFURT, July 1 (Reuters) – Swiss technology group ABB (ABBN.S) plans to list its e-mobility division on the stock market next year in a deal that could value the fast-growing business at about $3 billion, according to three people close to the matter.

The e-mobility business, which makes fast chargers for electric cars and buses, is benefiting from a global boom in battery-powered vehicles.

ABB had previously announced plans for an initial public offering, but had not given a timeline or valuation. CEO Bjorn Rosengren said in April that the group would likely keep a majority stake after an IPO that would help the unit make acquisitions.

The company is working with investment bank Lilja on the preparations for the e-mobility IPO, said the sources, adding that UBS (UBSG.S) and Morgan Stanley (MS.N) are seen in the…

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