The European Union's executive branch has cleared a deal for NKT Cables to buy the high-voltage cable business of Swiss company ABB
BRUSSELS — The European Union has given its approval to the acquisition of the high-voltage cable business of Swiss company ABB by Denmark's NKT Cables.
The European Commission said Monday that it gave the proposed acquisition unconditional clearance after concluding "that the merged entity would continue to face effective competition in Europe."
ABB said in September that it would sell its high-voltage cable business to NKT, in a deal which values the unit at 836 million euros (now worth $883 million).
The cables are used for transporting large quantities of electricity over long distances.