China Blocks SoftBank Deal for ABB Unit
China has blocked SoftBank from acquiring ABB robotics division for 5.4 billion dollars. Regulators raised concerns over data transfers and national security. The decision delivers a major setback to SoftBank investment strategy.
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China blocked SOFTBANK CORP from acquiring the robotics division of ABB LTD-REG for $5.4 billion. The ruling deals a severe blow to Chief Executive Masayoshi Son's artificial intelligence investment strategy. It marks Beijing's second major tech deal veto this year following META PLATFORMS INC-CLASS A's blocked purchase of Manus. The decision reflects heightened regulatory scrutiny on frontier technologies and overseas data transfers involving Japan and Switzerland firms.
