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Advanced Energy acquires REFUsol Holding GmbH for EUR 59M

Advanced Energy announced it has acquired REFUsol Holding GmbH. Three-phase string inverters are ideally suited for rooftop and potentially larger installations and are becoming one of the fastest-growing inverter applications worldwide. This acquisition is expected to accelerate Advanced Energy's Solar Energy revenue to greater than $400M in 2014 and should be accretive to earnings in the next 12 months. Under the agreement, Advanced Energy has acquired REFUsol for a purchase price of approximately EUR 59M in cash, after assuming EUR 9M of debt and reducing net working capital by EUR 1.8M. Additionally, there is the potential for an earn-out of up to EUR 10M, payable in a combination of cash and Advanced Energy stock, if certain stretch EBITDA goals for the combined Solar Energy business are achieved in the first 12 months after closing.