ABB to acquire solar PV inverter maker Power-One

ABB and Power-One have 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 $1,028 million equity value. Power-One is a leading solar inverter maker with revenues close to 1 Billion US$. "Solar PV is becoming a major force reshaping the future energy mix because it is rapidly closing in on grid parity," said ABB's CEO, Joe Hogan. "Power-One is a well-managed company and is highly regarded as a technology innovator focusing on the most attractive and intelligent solar PV product. The combination of Power-One and ABB is fully in line with our 2015 strategy and would create a global player with the scale to compete successfully and create value for customers, employees and shareholders." "This transaction delivers significant value to our shareholders and will enable Power-One to accelerate its growth," said Richard J. Thompson, CEO of Power-One. "Together we can better address the growing worldwide demand for innovative, renewable energy solutions and strengthen our global leadership. I believe ABB is the right partner and now is the ideal time for our companies to join forces." ABB said it has brought its solutions to the solar PV industry and is on track to generate sales of more than $100 million in solar inverters in 2013. Solar inverters are one of the fastest-developing technologie...