Japan, Tokyo: Hitachi is in the final stages of discussions with ABB about the acquisition of ABB’s Power Grid business for up to an estimated $7.06 billion, reports Nikkei.
Hitachi's board has confirmed plans to move forward with the deal, which would be the Japanese industrial conglomerate's largest-ever acquisition, Nikkei reports.
The two companies will soon conduct a final assessment of the assets of the business and are expected to reach an agreement as early as this month.
Negotiations may face difficulties depending on the conditions that ABB ultimately offers.
With this acquisition, Hitachi is seeking to build up its overseas presence in a market poised for rapid growth.