Nordex, a German-based wind turbine manufacturer, will acquire Spanish-based Acciona Windpower, from Acciona, in a deal worth €785 million.
Nordex will pay €366m in cash, and 16.1 million in new Nordex shares, worth €419m. This equates to a 16.6% stake in the German company. Acciona will also acquire 13.3% of existing Nordex shares, valued at €335 million, from Skion-Momentum, an investment company belonging to the Quandt family and Nordex’s current main shareholder.
As a result, Acciona will become Nordex’s largest shareholder with a 29.9% stake, while Skion-Momentum will retain a 5.7% share in the German company. The transaction is subject to approval by relevant competition authorities.
Nordex, which has a market value of €2 billion, operates in Europe, while Acciona conducts its business in the US, Brazil and Spain, and has a new factory under construction in India.