Switzerland-based power and automation company ABB has agreed to divest its high-voltage cable system business to power cables manufacturer NKT Cables for a total enterprise value of $934 million.

ABB’s cable system business offers turnkey solutions including design, engineering, supply, installation, commissioning and service. It had adjusted standalone revenues of $524 million in 2015, employs around 900 people, and has manufacturing and R&D capabilities for high-voltage submarine and underground cables in Karlskrona, Sweden.

“ABB’s high-voltage cable business will add considerable strength to our portfolio and bring us a world-class manufacturing operation," said Michael Hedegaard Lyng, president and CEO of NKT Cables. "We will leverage the technology, domain competence and highly skilled workforce to grow this business.”