The boards of Swiss-based ABB (ABB) and Power-One agreed to the deal, in which ABB will buy the alternative and solar energy company for $6.35 a share, about $1 bil. The pact includes Power-One's net cash of $266 mil and gives ABB a complementary unit for its growing inverter business, and leadership in power electronics. It will give Power-One access to ABB's large R&D facilities and global service and sale capabilities. The transaction is expected to close in second half '13. ABB shares fell 1% to 21.21.
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