ABB to acquire Power-One

ABB to acquire Power-One
ABB and Power-One, Inc. 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.
The transaction would position ABB as one of the leading global suppliers of solar inverters the intelligence behind a solar PV system to a market forecasted by the International Energy Agency to grow by more than 10 per cent per year until 2021, a company statement said.
Joe Hogan, CEO, ABB, said,  “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.”
“The combination of these two successful companies will create significant value-driven growth based on innovation – which means inverters offer opportunities for differentiation – global reach, high quality and technology leadership,” said Ulrich Spiesshofer, Head of Discrete Automation and Motion, ABB into which Power-One will be integrated. “The acquisition supports the implementation of the division’s strategy for renewable energy and the goal to build on our strength in power electronics.”
The transaction is structured as a merger and subject to the satisfaction of customary closing conditions, including approval of Power-One’s shareholders at a special meeting and receipt of customary regulatory approvals. The transaction is expected to close in the second half of this year. ABB will finance the transaction out of its own funds, the company said.

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ABB to acquire Power-One

ABB to acquire Power-OneABB and Power-One, Inc. 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.The transaction would position ABB as one of the leading global suppliers of solar inverters the intelligence behind a solar PV system to a market forecasted by the International Energy Agency to grow by more than 10 per cent per year until 2021, a company statement said.Joe Hogan, CEO, ABB, said,  “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.” “The combination of these two successful companies will create significant value-driven growth based on innovation – which means inverters offer opportunities for differentiation – global reach, high quality and technology leadership,” said Ulrich Spiesshofer, Head of Discrete Automation and Motion, ABB into which Power-One will be integrated. “The acquisition supports the implementation of the division’s strategy for renewable energy and the goal to build on our strength in power electronics.”The transaction is structured as a merger and subject to the satisfaction of customary closing conditions, including approval of Power-One’s shareholders at a special meeting and receipt of customary regulatory approvals. The transaction is expected to close in the second half of this year. ABB will finance the transaction out of its own funds, the company said.

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