ABB To Acquire Newave Energy For $183M

ABB Ltd (NYSE: ABB) 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.

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