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

Dec. 17 (Bloomberg) -- 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