Nordex has signed an agreement to acquire the wind power business of Acciona S.A. for €785 million (US$882 million) in cash and shares.
Acciona’s wind power business is grouped under its subsidiary, Corporacion Acciona Windpower S.L., which is subject of the acquisition by Nordex. The deal is subject to standard market conditions, including merger clearance by the relevant competition authorities. “In combining their activities Nordex and Acciona Windpower will create a truly global company and in doing so reduce exposure to demand swings in individual markets,” Nordex said in a press statement.
“Nordex and Acciona Windpower complement each other in a number of important areas. Nordex has a strong market position in Europe, while Acciona Windpower is well-positioned in the Americas and emerging markets. Nordex products are particularly well-suited for complex projects subject to technical restrictions, while Acciona Windpower’s products are primarily aimed at large-scale wind farms that require efficient and sturdy machines for unconstrained terrains.”
The purchase price for Acciona Windpower comprises a cash payment in the amount of €366.4 million and €16.1 million new Nordex shares valued at €26.00 each. Alongside the transaction, Nordex´ current main shareholders SKion/momentum, which is controlled by the member of the its board Jan Klatten, will sell shares in Nordex to Acciona, which is one of the biggest owners and operators of wind farms in the world.
SKion/momentum´s and Acciona post-transaction shareholdings in Nordex will be 5.7% and 29.9% respectively. SKion/momentum remains committed to Nordex as a shareholder.
“By acquiring Acciona Windpower Nordex will hold a very strong position throughout the transformation in the wind industry,” said Dr. Wolfgang Ziebart, Chairman of the Supervisory Board of Nordex SE. “We now earn the fruits of our strong commitment to research and development.
“With this in mind my special thanks goes to both our shareholders SKion and momentum capital: Over nearly ten years now they have been excellent advisors to Nordex in every phase of the company and supported significantly the transition to a technology leader in wind turbine manufacturing. With their transaction SKion and momentum pave the way for Nordex to continue with a long-term-oriented and family-led anchor shareholder.”