ABB sells Power Conversion division to AcBel Polytech Inc. for $505 million

Final divestment of ABB’s previously announced division portfolio measuresABB has reached an agreement to sell its Power Conversion division to AcBel Polytech Inc. for $505 million in cash. The Power Conversion division, formerly Lineage Power, was acquired by ABB as part of the GE Industrial Solutions acquisition in 2018 and is not core to ABB. It is a global provider of end-to-end power conversion solutions for mission-critical applications in the telecommunications, data center and industrial sectors. AcBel is headquartered in Taiwan with over 8,800 employees worldwide, the company aims to power the world with sustainable energy and high efficiency power supplies. Citi is acting as exclusive financial adviser and Milbank LLP is serving as legal counsel to ABB on the transaction.