UBS’ lead advisory role on Hitachi’s $6.4bn acquisition of ABB’s power grids division is a boost for the ambitious bet the Swiss bank has made on its industrials M&A team over the past few years.

The M&A deal announced this morning is the largest overseas acquisition by Hitachi. The Japanese conglomerate turned to UBS as lead adviser, while ABB was advised by Credit Suisse and boutique investment bank Dyal & Co, led by an ex-Goldman Sachs rainmaker.