ABB has announced that it is acquiring solar photovoltaic inverter company Power-One Inc. for more than $1.02 billion.
‘Solar PV is becoming a major force reshaping the future energy mix because it is rapidly closing in on grid parity,’ says 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.’
Power-One's inverter portfolio includes solutions ranging from residential to utility-scale applications, and the company also maintains a global manufacturing footprint. Power-One employs almost 3,300 people, mainly in China, Italy, the U.S. and Slovakia. In 2012, the company generated $120 million EBITDA on sales of approximately $1 billion.
The transaction is structured as a merger and is subject to the satisfaction of customary closing conditions, including approval of Power-One's shareholders. The deal is expected to close in the second half of this year.
"This transaction delivers significant value to our shareholders and will enable Power-One to accelerate its growth," adds 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.’