ABB acquires US firm Ventyx

SWISS engineering group ABB is to buy US software company Ventyx for more than $1bn (£662m), bolstering its position in the fast-growing area of renewable energy network management.

The deal, cash-rich ABB’s first billion-dollar buy in more than 10 years, will also strengthen its presence in North America. ABB, which had a cash pile of $7.1bn at the end of the first quarter, has been looking for acquisition opportunities over the past few years and has taken a more conservative approach to buys, going for smaller deals.