ABB, Zurich, Switzerland, a power and automation technology group, has agreed to divest the ABB Full Service business to Nordic Capital.

The ABB Full Service business provides fully outsourced industrial maintenance services. ABB Full Service was developed as an adjacent business to ABB’s life-cycle service business and has become a successful stand-alone business unit. ABB is divesting this business because of limited synergies with ABB’s core portfolio. ABB will continue to supply its standard life-cycle services for the company’s installed base.

“The divestment is fully in line with our strategy to continuously optimize our portfolio. With the agreed sale of our Full Service activities we now have found a new home for five businesses in eleven months that have no substantial synergies with the rest of our portfolio, raising about $1 billion,” said ABB CEO Ulrich Spiesshofer. “The Full Service business will be able to develop further under the ownership of Nordic Capital to the benefit of its customers and employees.”