(Manufacturing.net) — Camarillo, Calif-based Power-One, Inc. has been acquired by ABB in an all-cash transition valued at approximately $1 billion. The transaction has already received the required antitrust approvals, which means the companies are hoping to complete the transaction by the end of this week. Today, the terms of the acquisition means Power-One will be purchased for $6.35 per share of Power-One common stock.
Power-One provides renewable energy and energy-efficient power conversion and power management solutions, and is the second-largest designer and manufacturers of photovoltaic inverters. Its products are used in solar arrays and power suppliers in a variety of applications, such as servers, industrial and network power systems. It is currently headquartered in Camarillo, Calif., and has manufacturing and R&D operations in Asia, Europe and the Americas.
98 percent of the shares voting at yesterday’s meeting voted in favor of the proposal to adopt the merger agreement. These voting shares represented approximately 73.3 percent of the total outstanding shares, showcasing overwhelming approval for the acquisition.