ABB to buy solar inverters producer

ABB has agreed to acquire Power-One Inc., a provider of renewable energy and of energy efficient power conversion and power management solutions for $6.35 per share in cash or $1.028 million equity value. The merger is subject to customary closing conditions and approval of Power One's shareholders.

Power-One is a maker of solar energy inverters, ranging from residential to utility applications. It also has a power solutions portfolio that is adjacent to ABB's power conversion business.

The transaction is expected to close in the second half of 2013. ABB will finance the transaction out of its own funds. Credit Suisse acted as financial advisor to ABB, and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor. Goldman Sachs & Co. acted as financial advisor to Power-One, and Gibson, Dunn & Crutcher LLP as legal advisor.

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