China blocks SoftBank’s $5.4 billion ABB robotics deal: How Beijing is tightening its grip on strategic technologies
Mint · Bhanu Pratap ·
China has blocked SoftBank’s $5.4 billion acquisition of ABB’s robotics business, citing concerns over strategic technology and data security. The move follows Beijing’s decision to unwind Meta’s $2 billion-plus acquisition of AI startup Manus, signalling tighter scrutiny of foreign investments.
China has blocked Japanese investment giant SoftBank's proposed $5.4 billion acquisition of the robotics business of Swiss engineering group ABB, highlighting Beijing's growing scrutiny of foreign investments in strategically important technology sectors.
ABB said on Thursday that China's state planner had prohibited the transaction, Reuters reported.
The move marks the second major foreign acquisition blocked by Beijing this year, following its intervention in Meta Platforms' more than $2 billion acquisition of Chinese artificial intelligence start-up Manus.