Swiss engineering company ABB (NYSE: ABB) agreed to purchase Power-One, a solar energy company, for about $1 billion.

ABB, headquartered in Zurich, is offering Power-One stockholders $6.35 a share, 57 percent above its closing share price of $4.04 on Friday.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.