Nordex has completed the acquisition of Acciona Windpower (AWP) from Spain’s Acciona for €785m ($880m), after receiving approval from the competition authorities.
The acquisition creates a wind energy player with a comprehensive product range and global market presence, Nordex said.
Under the agreement announced in October, Nordex agreed to pay €366.4m to Acciona in an one-off cash payment and 16.1m new Nordex shares, for a combined value of €419m, equal to a 16.6% stake in the German company.
With this deal, Acciona Group becomes a 29.9% leading shareholder in Nordex, while Skion-Momentum will retain a 5.7% interest.
At the end of March, Nordex raised €550m for the merger from a consortium of banks.
The merger sees Nordex acquire AWP’s four production plants in the US, Brazil and Spain, as well as a production facility currently under construction in India.
Nordex CEO Lars Bondo Krogsgaard said: "We are now taking the first steps towards establishing our company as a truly global player in the wind turbine industry."
Combined, the two companies have installed 18GW of wind power capacity in more than 25 markets globally, and generated sales of €3.4bn in 2015.
Krogsgaard added: "AWP and Nordex are now one combined company.
"We will direct all our efforts towards ensuring that our customers will benefit from our new set-up.
"With global reach and high-efficiency wind turbines perfectly tailored for all conditions and projects, we are in a good position when it comes to supporting our customers."
Acciona also agreed to acquire 13.3% of additional existing Nordex shares from Skion-Momentum, which is Nordex’s current main shareholder, for €335m.
In addition, Acciona will not increase its stake in Nordex above 30% for the next three years, under the deal.
Image: Acciona head corporate development Juan Muro-Lara Girod, Nordex supervisory board chairman Wolfgang Ziebart and Nordex CEO Lars Bondo Krogsgaard. Photo: courtesy of Nordex.