||Zurich, Switzerland — ABB plans to acquire Power-One, which is expected to position ABB as a leading global supplier of solar inverters — the "intelligence" behind a solar PV system — to a market that is forecast 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 of PV systems.
Power-One presents comprehensive offerings of solar inverters, ranging from residential to utility applications, and a broad global manufacturing footprint. It also has a power solutions portfolio that is adjacent to ABB's power conversion business. Power-One employs almost 3,300 people, mainly in China, Italy, the US and Slovakia.
The transaction is structured as a merger. and is expected to close in the second half of 2013. ABB will finance the transaction out of its own funds.