ABB To Acquire Newave Energy For $183M

ABB Ltd

announced its plans to buy Newave Energy Holding SA for about 170 million Swiss francs ($183 million) in cash. ABB will offer CHF56 per Newave share to buy all of Newave's shares, representing a 22.4% to Newave's closing stock price on December 9. ABB shares gained 2.85% to close at $18.78 on Friday.