In June 2011, the company announced signing of an agreement with China’s Shandong Yanggu Cable Group to create a new joint venture based on Shandong Yanggu’s power cable business in the country.
The remaining 25% stake in the joint venture will be held by Shandong Yanggu.
With this acquisition, Nexans is expected to expand its strategic footprint in the Chinese Energy Infrastructure market.
Nexans chairman and CEO Frédéric Vincent said, "This investment reinforces our presence in this exciting market and is consistent with our long term strategy to grow in emerging markets."
The transaction values the business at about RMB1,240m ($195m).
Nexans employs 25,000 people and generated sales of €7bn in 2011.
