Jul 24, 2013 - US solar inverter maker Power-One Inc (NASDAQ:PWER) said Tuesday its shareholders had given their nod to the USD-1-billion (EUR 757m) acquisition proposed by Swiss ABB Ltd (VTX:ABBN).
About 98% of the voting shares, or 73.3% of Power-One's total outstanding stock as of June 18, favoured the takeover bid.
Under the transaction, unveiled in April, the Swiss electronics group will acquire Power-One for USD 6.35 per share in cash.
When announcing the acquisition, the buyer said that the move would position it as a leading global supplier of solar inverters. The deal has obtained antitrust clearance and is expected to close by the end of the week.
In May, Power-One posted a net loss of USD 7.2 million for the first quarter of 2013, against a profit of USD 5 million a year ago. Sales amounted to USD 204.6 million, down from USD 225.7 million, with USD 146 million of the total coming from the renewable energy solutions segment. For the second quarter of 2013, the company expects higher demand in the US, as well as seasonal improvement for its power solutions unit. Yet, the improvement is seen to be offset by lower demand in Germany and Italy.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.