ABB to Acquire Newave to Broaden Offering in Uninterruptible Power Supply
ABB and Newave Energy Holding SA, a Switzerland based specialist in uninterruptible power supply (UPS), have agreed that ABB will acquire Newave in an all-cash transaction valued at approximately CHF 170 million1. The deal will strengthen ABB’s position in the power control and quality market and provide Newave with significant growth opportunities outside its traditional markets in Europe.
Under the terms of the transaction agreement, ABB announced a voluntary all-cash public tender offer of CHF 56 per Newave share to purchase all of Newave’s publicly held shares. The offer prospectus will be published on or around Dec. 15. The offer represents a premium of 36.0 percent to the volume-weighted average share price of the last 60 trading days and a 22.4 percent premium to Newave’s closing stock price on Dec. 9. The Committee of independent members of the Board of Directors of Newave will unconditionally recommend that Newave shareholders tender their shares in the offer.