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ABB has announced that it is acquiring Power-One Inc., a provider of renewable energy power conversion and power management technologies, for more than $1.02 billion.

"Solar PV is becoming a major force reshaping the future energy mix because it is rapidly closing in on grid parity," says ABB's CEO, Joe Hogan. "Power-One is a well-managed company and is highly regarded as a technology innovator focusing on the most attractive and intelligent solar PV product."

Power-One's inverter portfolio includes solutions ranging from residential to utility-scale applications, and the company also maintains a global manufacturing footprint. Power-One employs almost 3,300 people, mainly in China, Italy, the U.S. and Slovakia. In 2012, the company generated $120 million EBITDA on sales of approximately $1 billion.

The transaction is structured as a merger and is subject to the satisfaction of customary closing conditions, including approval of Power One's shareholders. The deal is expected to close in the second half of this year.

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