SMA Solar Technology AG and Danfoss A/S have announced they will form a close strategic partnership.
In addition to joint development initiatives, Danfoss will acquire 20% of SMA’s outstanding shares and plans to sell its entire solar inverter business to SMA.
“With the strong cooperation between Danfoss, as a leading specialist in the field of drives, and SMA, with a unique positioning in the solar inverter market, both companies will create one of the world’s largest converter alliances with a global presence,” said Niels B. Christiansen, President and CEO of Danfoss.
SMA says it will launch new products for the medium-scale photovoltaic market in Europe, China and the USA after the completion of the transaction.
Danfoss will acquire 6.94 million SMA shares at a price of €43.57 per share from the SMA founders, their trusts and families. The SMA founders, their trusts and families will hold onto 54.95% of the SMA shares after the transaction is finalised. Danfoss will not be permitted to buy more or sell SMA shares for a period of 2 years.
Already the world’s largest manufacturer of solar inverters, SMA’s acquisition of Danfoss will further cement its dominance in the solar inverter sector; increasing its lead over the next largest producers; Power-One (acquired by ABB last year) and SunGrow.
Globally, Danfoss had 23,092 employees in 2012 and a presence in 53 countries. In terms of inverters, it manufactures units in a capacity range of 2kW to 1500kW.
The SMA Group generated sales of more than €0.9 billion last year. A popular choice in Australian small-scale and commercial solar power installations; more than 3 gigawatts of SMA solar inverters are installed globally. SMA has a presence in 21 countries and a staff of over 5,000. Founded in 1981, the company’s headquarters are located in Niestetal, Germany.
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