ABB To Pay $1B For Calif. Solar Energy Co. Power-One

Law360, New York (April 22, 2013, 2:33 PM EDT) -- Swiss power and robotics conglomerate ABB Ltd. will acquire California-based solar energy services firm Power-One Inc. for more than $1 billion in an all-cash deal, the companies announced Monday.

ABB offered Power-One stockholders $6.35 per share, a 57.13 percent to Power-One's closing price of $4.04 on the Nasdaq stock market Friday. The deal has a total equity value of $1.03 billion.

The merger, which is projected to close in the second half of 2013, is subject to shareholder and regulatory approvals. Private equity funds managed by...
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