By Kim Richters 
 

Engineering company ABB Ltd. (ABBN.EB) said Monday that it will buy a 67% stake in emobility company Shanghai Chargedot New Energy Technology Co.

China's Chargedot, which provides charging stations and software platforms to customers such as electric vehicle manufacturers, will help ABB to strengthen its emobility portfolio, the company said.

The Swiss company didn't comment on the financial terms of the deal and said that it could increase its stake in Chargedot in the next three years.

The transaction is expected to close in the coming months, ABB said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

October 28, 2019 04:03 ET (08:03 GMT)

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