ZURICH, Switzerland — ABB announced that it has agreed to sell its entire 35 percent stake in Swedish Export Credit Corporation (SEK) to the Swedish state for a total cash consideration of approximately $160 million.
ABB said the divestment is part of its strategy to focus on its core power and automation technology businesses and to strengthen its balance sheet. The cash consideration will be paid in dividends from SEK and will be used to reduce ABB’s debt.