Power-One to Buy Powec, Crane Unit

Power-One Inc., a maker of power supplies for electronic equipment, agreed to buy Norway-based Powec and a unit of Crane Co.

Power-One, based in Camarillo, will pay $70 million and 140,340 shares of its stock for Powec and assume $8 million of Powec debt. Power-One will also buy Stamford, Conn.-based Crane’s telecommunications product line for $14 million.

The acquisition will give Power-One a foothold in Europe and Asia, where Powec’s customers include Nokia, Ericsson, Vodafone Group and Hong Kong Telecom Ltd. It could also offer products that run equipment for large and small telecom service providers, Needham & Co. analyst John McManus said.

“This gives them the most technologically advanced suite of power supply” products in the business, he said. McManus upgraded the company to a “strong buy” from “buy” because of the acquisition.

The transaction is valued at $101 million, based on Power-One’s closing price Monday. Crane, which owns 45% of closely held Powec, has agreed to the sale.

Power-One shares rose $3.72, or 6%, to close at $64.09 in Nasdaq trading. Crane fell 6 cents to close at $23.50 on the New York Stock Exchange.