Siemens Austria and Andritz have signed the contract for the purchase of VA TECH Hydro, subject to approval from anti-trust authorities.
The deal comes as part of the regulatory requirements for Siemens to acquire VA Tech that forced the sale of the hydro arm. The acquisition will see Andritz become a leading manufacturer of hydro turbines.
Commercial terms of the deal, expected to become effective at the end of May, were not disclosed.