Swiss industrial technology company ABB announced Monday that it has agreed to pay $1.03 billion to acquire Camarillo, California–based Power-One, which makes solar energy inverters.

Terms of the deal call for the Swiss company to pay $6.35 in cash for each Power-One share. The offer represents a nearly 57 percent premium over Power-One’s Friday closing price. Power-One’s solar inverters convert energy created by solar panels into electricity that can be fed into both public and off-grid networks. In announcing the deal, ABB said it expects the market for such technology to expand by more than 10 percent a year until 2021 as a result of rising energy demand and electricity prices, as well as declining costs.

Power-One employs nearly 3,300 people and had $120 million in pretax profit last year, though The New York Times notes the company’s stock price has fallen roughly 66 percent since peaking in 2010.

The deal is expected to close in the second half of the year, pending the approval of regulators and Power-One’s shareholders. Silver Lake Sumeru—a unit of technology-focused investment firm Silver Lake Partners that holds a nearly 33 percent stake in Power-One—has agreed to vote in favor of the deal, according to ABB’s announcement.

Cleary Gottlieb Steen & Hamilton is representing Zurich-based ABB on the acquisition with a New York–based team that includes M&A partners Neil Whoriskey and David Leinwand, as well as compensation and benefits partner Arthur Kohn. The Cleary associates working on the deal are Kathleya Chotiros, Caroline Hayday, Emily Tvetenstrand, and Jonathan Zhou. Diane de Saint Victor serves as ABB’s general counsel.

Whoriskey previously advised ABB on its $1 billion purchase of Atlanta-based software company Ventyx from Vista Equity Partners in 2010. Last year, ABB turned to a team of Kirkland & Ellis attorneys for counsel on the company’s $3.9 billion purchase of electrical components maker Thomas & Betts.

Los Angeles–based Gibson, Dunn & Crutcher investment funds practice cochair Jennifer Bellah Maguire is leading a team from that firm advising Power-One on its sale. Tax partner Paul Issler and intellectual property partner David Kennedy are also working on the deal, while partners Adam Di Vincenzo and Peter Alexiadis are advising on antitrust matters. The Gibson Dunn associates working on the deal are Marc Collier and Andrew Hirsch. Power-One’s general counsel is Tina McKnight.

Simpson Thacher & Bartlett corporate partner Richard Capelouto is leading a team from that firm advising Silver Lake Sumeru in connection with the agreement between ABB and Power-One. The Simpson Thacher associates working on the matter are Atif Azher and Alexis Orenstein.