ABB Buys Power-One for $1 Billion to Add Solar Inverters

ABB Ltd. agreed to acquire Power-One Inc. for about $1 billion, giving the world’s biggest electricity-networks builder inverters that allow solar power to be fed into grids.

Shareholders of the Camarillo, California-based company will get $6.35 a share, Switzerland’s ABB said in a statement today. Power-One shares surged as much as 59 percent to the equivalent of $6.34 in German trading today.