Air conditioner supplier is selling its US business
The air conditioner unit of Japanese energy company ANBE Group has sold its US unit for $2.7 billion, bringing its value to $7.6 billion, the company said on Tuesday.
The deal is a huge boost for ANBE, which has struggled to keep pace with rising demand in the US and Europe.
“This acquisition will further strengthen ANBE’s position in the marketplace as we continue to deliver a high-quality, award-winning, innovative product and service to our customers,” ANBE said in a statement.
The unit was spun off in September 2016 and ANBE has more than 500,000 employees in its US and overseas operations.
It is still owned by the Japanese government and has no plans to go public.
The deal will be completed within months.
ANBE had about $7 billion in cash as of December.
It said the transaction was expected to close by the end of 2020.
The company has been under pressure from the US Environmental Protection Agency (EPA) and other regulatory bodies to reduce emissions and boost efficiency.
In April, the US government issued a new draft of its Clean Power Plan, which aims to cut US greenhouse gas emissions by 26 percent below 2005 levels by 2030.
In a statement, the EPA said it would use the divestment to reduce greenhouse gas intensity, improve energy efficiency and strengthen the power grid.
The agency said it was “deeply concerned about the impact” of the plan and called for ANBU to “reduce its dependence on fossil fuels” by investing in renewable energy and cutting energy use.Reuters