DCNS to Buy Ireland’s OpenHydro Group to Expand in Marine Energy

DCNS SA plans to buy OpenHydro Group Ltd., an Irish tidal-turbine maker working with Electricite de France SA, to get a foothold in the marine energy industry.

The deal will be completed in the first half, Virginie Lemiere, a spokeswoman at the Paris-based marine engineering company, said today by e-mail, declining to give a value for the deal or size of the stake. DCNS now owns about 11 percent.

The purchase is part of a strategy to double revenue from 2010 to 2020, Lemiere said. OpenHydro is working with EDF to install turbines off the coast of France.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.