Swiss industrial conglomerate ABB has hired Pinheiro Neto Advogados in São Paulo to sell an 80% stake in its global power grid division for US$6.4 billion to Japanese counterpart Hitachi.
ABB, which will keep the remaining stake, is also thought to have relied on Freshfields Bruckhaus Deringer LLP, but this could not be confirmed prior to publication. Latin Lawyer was unable to identify any counsel to Hitachi.
The deal, which was signed on 17 December, includes an option for ABB to sell its remaining holding for up to three years after the deal is completed, in 2020.
ABB has various grid-related assets in Brazil. As recently as November, it won a US$20 million contract with an Eletrobras subsidiary to improve power supply in the country's south east.
The acquisition boosts Hitachi's position in the power sector, shifting its focus away from nuclear plants to electricity networks.
Counsel to ABB
Pinheiro Neto Advogados
Partners Eduardo Paoliello and Jorge Lopes Jr, and associates Cauê Rezende Myanaki, Gabriela Conca and Luiza Baltazar Scotini in São Paulo