April 22, 2013 - the world's leading power and automation technology group ABB and renewable energy and efficient power conversion and power management solutions leader Power-One together, today announced that the board of directors approved by both parties, ABB will be $6.35 per share in cash, or about $1 billion 28 million in equity value, the acquisition of Power-One.

This acquisition will enable ABB group to become the leader of the global solar inverter industry - inverter is the "intelligent center" of solar photovoltaic power generation system". According to the International Energy Agency forecast, by 2021, PV inverter market will increase by more than 10% per year. The growth of energy demand (especially in emerging markets), the rise in electricity prices and cost reduction have contributed to the rapid growth of the inverter market.

ABB group Joseph Hogan said: "as a result of photovoltaic power generation is rapidly approaching the" parity "solar is increasingly becoming the main force in the future energy structure reconstruction. Power-One is well managed and is a recognized innovator in the industry, focusing on the most attractive and intelligent solar photovoltaic products. ABB teamed up with Power-One in full compliance with our 2015 development strategy, and made ABB leap into the field of photovoltaic power generation

A global leader with strong competitive advantage creates value for clients, employees and shareholders."

Power-One has the most comprehensive PV inverter products in the market, covering all kinds of applications from home to power companies, and also has a wide range of global production layout. In addition, Power-One also has the power solution business similar to the ABB power conversion business unit. Power-One employs nearly 3300 people, mainly in China, Italy, the United States and Slovakia. In 2012, Power-One sales reached $1 billion, earnings before operating tax, depreciation and amortization amounted to $120 million.

Power-One CEO Richard J. Thompson said: "this acquisition will bring great value to shareholders, and promote the accelerated growth of Power-One.". The joint efforts of both sides can better meet the growing global market demand for innovative renewable energy solutions, and strengthen our leadership in the global market. I believe that ABB is the ideal partner, and now is the ideal time for cooperation between the two sides." ABB has a leading power and automation product portfolio, balanced global business layout and service architecture, making it an important participant in the solar photovoltaic market. Over the years, ABB has extended its solution to the solar photovoltaic industry, and its PV inverter sales will exceed $100 million in 2013. Photovoltaic inverter is one of the fastest developing technologies in the field of power electronics, which requires continuous R & D investment. In 2012, ABB's R & D investment totaled $1 billion 500 million.

Power-One will be merged into ABB group's discrete automation and motion control business. Shi Bifu, the global head of the business unit, said: "the combination of two successful companies will create spectacular value growth, based on innovation. The inverter will bring us opportunities for differentiation in the global market, high quality and technology leading edge. The acquisition will support our department's implementation of renewable energy strategy to help strengthen our strengths in the field of power electronics."

This transaction belongs to M & A and needs to meet special closing conditions, including approval at the Power-One special meeting, and approval of special closing conditions. The merger agreement includes protective mechanisms for some agreed deals. Silver Lake Sumeru subsidiary investment fund has signed an agreement to agree to the merger. The merger is expected to be completed in the second half of 2013. ABB will use its own funds to complete the transaction.

Credit Suisse is the financial advisory body of ABB, and Cleary Gottlieb Steen & Hamilton LLP is ABB legal adviser. Goldman Sachs & Co. is the financial advisory body of Power-One, Gibson, Dunn & Crutcher LLP is Power-One legal adviser.