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ABB Ltd Agrees To Acquire Power-One, Inc


Monday, 22 Apr 2013 01:07am EDT 

ABB Ltd announced that 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 is structured as a merger and is subject to the satisfaction of customary closing conditions, including approval of Power One's shareholders at a special meeting and receipt of customary regulatory approvals. The merger agreement contains certain agreed deal protection mechanisms. Investment funds affiliated with Silver Lake Sumeru have entered into an agreement to vote in favor of the transaction. 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.