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NKT Cables is acquiring ABB’s global high-voltage cable system business with a total enterprise value of 836 million euros (US$934 million). The business is part of ABB’s Power Grids division, which is currently undergoing a strategic review.

ABB’s cable system business offers turnkey solutions including design, engineering, supply, installation, commissioning and service. It had adjusted standalone revenues of US$ 524 million in 2015, employs around 900 people, and has manufacturing and R&D capabilities for high-voltage submarine and underground cables in Karlskrona, Sweden. The transfer of assets also includes a new, cable-laying vessel, currently under construction. The transaction is anticipated to close in Q1 2017, subject to regulatory clearances and fulfilment of the closing conditions.

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