M&As this week: United Technologies, CLP Holdings, and Abu Issa Holding
Chubb Alba Control Systems has reached an agreement with Wipro to acquire Wipro EcoEnergy for $70m.
An indirect subsidiary of aerospace and building systems company United Technologies Corporation, Chubb Alba Control Systems expects to enhance its capabilities and client offerings when the acquisition is complete in early-2017.
Wipro EcoEnergy provides sustainable solutions for energy-efficient operations and management to enterprises. Following the acquisition, it will be able to focus on its information technology (IT) business.
Wipro is based in India, while United Technologies Corporation is based in the US.
CLP Holdings has reached an agreement with Chinese power companies CGN Power Co. and its subsidiary Guangdong Nuclear Investment Co. (GNIC) to acquire a 17% stake in Yangjiang Nuclear Power Co.
The target company owns and operates the 6,516MW Yangjiang nuclear power station in Guangdong, China. It is currently jointly owned by CGN Power (46%), GNIC (30%), CGN Industry Investment Fund Phase I Co. (7%), and Guangdong Yudean Group Co. 17%).
The purchase consideration for the acquisition is CNY5bn ($724.85m).
Abu Issa Holding Group has reached an agreement to acquire Inesing with an aim to expand into new markets and exploit new business opportunities.
Inesing provides power systems and solutions including oil transformers, dry type transformers, switchboards, and switchgears.
Abu Issa Holding Group is based in Qatar, while the target company is based in Italy.