ABB to Acquire Power-One for $6.35/Share in Cash

The boards of ABB and Power-One have agreed to a transaction in which ABB will acquire Power-One at $6.35 per share or approximately $1 billion equity value, which includes Power-One's net cash of $266 million Combination creates global leader in the most attractive and "intelligent" part of the PV value chain Deal gives Power-One access to ABB's substantial R&D, global service and sales capabilities and complements ABB's growing inverter business and leadership in power electronics Right time: Solar PV industry is set for 10 percent-plus annual growth as PV-generated power rapidly approaches grid parity in many countries and will change the energy mix in the long term Management continuity ensured Integration with proven approach into the Discrete Automation and Motion division Transaction expected to close in 2H 2013, subject to shareholder and regulatory approvals ZURICH, Switzerland, April 22, 2013 (GLOBE NEWSWIRE) -- ABB

, the leading power and automation technology group, and Power-One, Inc.

, a leading provider of renewable energy and of energy-efficient power conversion 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. The transaction would position ABB as a