Nordex is to acquire Acciona’s Corporación Acciona Windpower in a €785m ($880m) deal that would create a new wind power major.
The company will pay €366.4m in cash to purchase Acciona Windpower, in addition to 16.1 million of new Nordex shares valued at €26 each.
SKion / momentum, the main shareholders of Nordex, will sell the Nordex shares to Acciona.
Upon completion of the deal, SKion / momentum and Acciona will hold 5.7% and 29.9% shares of Nordex, respectively.
The acquisition will be completed upon receiving merger clearance by the relevant competition authorities.
Nordex’s strong presence in Europe will complement Acciona Windpower’s position in the Americas and emerging markets.
Acciona Windpower operates four production facilities in the US, Brazil and Spain, where it designs and produces 3MW and 1.5MW turbines for all wind classes, including design and manufacture of rotor blades and towers. It is also constructing a new factory in India.
Nordex supervisory board chairman Wolfgang Ziebart said: "By acquiring Acciona Windpower Nordex will hold a very strong position throughout the transformation in the wind industry.
"We now earn the fruits of our strong commitment to research and development. With this in mind my special thanks goes to both our shareholders SKion and momentum capital: over nearly ten years now they have been excellent advisors to Nordex in every phase of the company and supported significantly the transition to a technology leader in wind turbine manufacturing.
"With their transaction, SKion and momentum pave the way for Nordex to continue with a long-term-orientated and family-led anchor shareholder."
Last year, Kohlberg Kravis Roberts and its affiliates bought a one-third stake in Acciona Energía Internacional for €397m, which is the international renewable energy division of Acciona.
Image: Nordex wind turbines under construction for the international onshore market. Photo: courtesy of Nordex SE.