ABB to Acquire Power-One to Become a Global Leader in Solar Photovoltaic (PV) Inverters
- The boards of ABB and Power-One have agreed to a transaction in which ABB will acquire Power-One at $6.35 per share or approximately $1 billion equity value, which includes Power-One's net cash of $266 million
- Combination creates global leader in the most attractive and "intelligent" part of the PV value chain
- Deal gives Power-One access to ABB's substantial R&D, global service and sales capabilities and complements ABB's growing inverter business and leadership in power electronics
- Right time: Solar PV industry is set for 10 percent-plus annual growth as PV-generated power rapidly approaches grid parity in many countries and will change the energy mix in the long term
- Management continuity ensured
- Integration with proven approach into the Discrete Automation and Motion division
- Transaction expected to close in 2H 2013, subject to shareholder and regulatory approvals
ABB (ABB), the leading power and automation technology group, and Power-One, Inc. (PWER), a leading provider of renewable energy and of energy-efficient power conversion and power management solutions, today announced that their boards of directors have agreed to a transaction in which ABB will acquire Power-One for $6.35 per share in cash or $1,028 million equity value.
- Published: 22 April 2013
- Written by Editor