Power-One Inc. Completes Acquisition of Powec AS
Power-One Inc. (Camarillo, CA), has announced that it has consummated the acquisition of Norwegian-based Powec AS, a leading supplier of power systems for major service providers and equipment manufacturers in the telecommunications industry.Power-One paid approximately $70 million in cash and approximately 127,000 shares of Power-One common stock for all of the common stock of Powec. Additionally, Power-One will assume approximately $13 million in debt. Certain additional payments may be made to Powec shareholders based on the attainment of defined operational performance through 2001.Power-One also acquired a telecommunications product line from a subsidiary of Crane Co. for approximately $14 million in cash. This product line has the exclusive distribution rights for Powec's products in North, South and Central America, and extensive relationships with telecommunication equipment manufacturers such as Motorola, Ericsson and Nokia US. Stephens Inc., acted as financial adviser on the transaction.