German wind turbine manufacturer Nordex has completed a €785m deal to acquire Spanish rival Acciona Windpower (AWP) after securing all the required approvals from the competition authorities.
Nordex said that after the closing of the cash-and-stock transaction, its supervisory board has appointed Jose Luis Blanco as chief operations officer and deputy CEO, and Patxi Landa as chief sales officer. Both of them earlier held top positions at Acciona Windpower.
Under the agreement, first announced in October last year, Nordex acquired AWP from its parent company, Acciona Group.
In return, Acciona Group becomes a 29.9% leading shareholder in Nordex. At the end of last month, the German firm raised €550m for the merger from a consortium of banks.
The merger sees Nordex acquire AWP’s four production plants in the US, Brazil, and Spain, as well as a production facility currently under construction in India.
Combined, the new group has installed over 18GW of wind power capacity in over 25 markets globally, and generated sales of €3.4bn in 2015.
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."
"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."
Image: Acciona head corporate development Juan Muro-Lara Girod, Nordex supervisory board chairman Wolfgang Ziebart and Nordex CEO Lars Bondo Krogsgaard. Photo: Courtesy of Nordex.