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ABB to acquire Power-One to become a global leader in solar photovoltaic (PV) inverters

Monday, 22 April 2013
Swiss - Swedish engineering group, ABB (NYSE: ABB), and Power-One, Inc. (NASDAQ: PWER), a renewable energy 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.

In a press release, ABB writes that the transaction would position it as a leading global supplier 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 percent per year until 2021.

This rapid growth is being driven by rising energy demand, especially in emerging markets, rising electricity prices and declining costs.

“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.”
More could be accessed from the press release here
by Scancomark.com Team

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