Power-One Acquired By ABB For $1 Billion

Camarillo-based power supply and solar inverter manufacturer Power-One has agreed to be acquired by ABB Ltd., the firm said this morning, in a deal worth approximately $1 billion. According to the two, ABB will acquire Power-One at $6.35 per share. Both companies develop power conversion and related products for the solar power market. ABB is also a major supplier of solar inverters, which are used to convert the DC power from solar panels into the usable, AC power used by electrical equipment. Power-One has nearly 3,300 people spread across China, Italy, the US and Slovakia; the firm had sales of approximately $1 billion in 2012. The firm said AB B was advised by Credit Suisse and Cleary Gottlieb Steen & Hamilton LLP in the deal; Power-One was advised by Goldman Sachs & Co. and Gibson, Dunn & Crutcher LLP.