Germany based wind turbine-maker Nordex has acquired Acciona Windpower from Spain’s Acciona for €785m ($880m) after securing approval from the competition authorities.
The acquisition is a part of Nordex’s plan to become a wind energy player with comprehensive product range and global market presence.
Under the terms of the deal signed in 2015, Nordex agreed to pay €366.4m to Acciona in a one-off cash payment as well as 16.1m new Nordex shares, for a combined value of €419m, equal to a 16.6% stake in the German company.
The global renewable energy and infrastructure group Acciona also agreed to acquire 13.3% of additional existing Nordex shares from Skion-Momentum, which is Nordex’s current main shareholder, for €335m.
Nordex CEO Lars Bondo Krogsgaard said: "We are now taking the first steps towards establishing our company as a truly global player in the wind turbine industry."
Nordex said that the contractual formalities have now been completed.
Krogsgaard added: "AWP and Nordex are now one combined company. We will direct all our efforts towards ensuring that our customers will benefit from our new set-up.
"With global reach and high-efficiency wind turbines perfectly tailored for all conditions and projects, we are in a good position when it comes to supporting our customers."
Nordex earlier said it will combine its activities with Acciona Windpower to create a global company with complementary international footprints and technologies while reducing overall demand swings exposure in individual markets.
Upon completion of the deal, Acciona will hold 29.9% stake in Nordex while Skion-Momentum will retain a 5.7% interest.
Additionally, Acciona will not increase its stake in Nordex above 30% for the next three years, as part of the deal.
Image: Officials from Acciona and Nordex. Photo: courtesy of Nordex SE.