- Deal includes 366.4 million euros cash and 16.1 million shares
- Acciona SA is expected to end up with 29.9% stake in Nordex
Wind turbine-maker Nordex SE said it will buy a windpower business from Spain’s Acciona SA for 785 million euro ($880 million) in cash and stock to bolster its presence in the Americas and emerging markets.
Acciona will receive a cash payment of 366.4 million euros and 16.1 million new shares of Nordex priced at 26 euros each for Corporacion Acciona Windpower SL, Nordex said in a statement Sunday. The deal is expected to be completed in early 2016, subject to approvals.
“Both Nordex and Acciona Windpower have demonstrated ability to grow at impressive pace in recent years ,” Lars Bondo Krogsgaard, chief executive officer of Hamburg-based Nordex, said in the release. Nordex is strong in Europe and focuses on complex projects, while Acciona Windpower’s products are focused on large-scale wind farms that aren’t constrained by the surrounding land.
Combined with sales of shares from other large shareholders after the deal, Alcobendas, Spain-based Acciona will have a 29.9 percent stake in Nordex, according to the statement. Under the accord, Acciona can’t increase its stake to 30 percent or more for three years.
Acciona Windpower designs and produces wind turbines, owning three production plants in the U.S., Brazil and Spain, with another under construction in India. The company has made turbines for more than 100 wind farms in 18 countries, the release said.
Nordex operates in 20 countries, producing, installing and servicing wind farms. The company projects revenues of 2.2 billion euros in 2015, according to the release. Its shares closed Oct. 2 at 24.96 euros.