Nordex has acquired Corporación Acciona Windpower S.L. from Acciona S.A. to form a new major player in the wind industry. The purchase price is paid in cash and new shares issued without subscription rights.
Following clearance by the competition authorities, the merger of Nordex Group and Acciona Windpower (AWP) can go ahead. All contractual formalities have been completed and the transaction has closed and is now final.
In combining their activities Nordex and Acciona Windpower will create a truly global company and in doing so reduce exposure to demand swings in individual markets.
Nordex and Acciona Windpower complement each other in a number of important areas. Nordex has a strong market position in Europe, while Acciona Windpower is well-positioned in the Americas and emerging markets. Nordex products are particularly well-suited for complex projects subject to technical restrictions, while Acciona Windpower’s products are primarily aimed at large-scale wind farms that require efficient and sturdy machines for unconstrained terrains.
The purchase price for Acciona Windpower is comprised of a cash payment in the amount of €366.4 million and 16.1 million new Nordex shares valued at €26.00 each. The total amount is €785 million (US$893 million).
The group has installed more than 18 GW of wind power capacity, covering more than 25 markets worldwide. It generated sales of €3.4 billion in 2015, and currently has over 4,800 employees. The production network is comprised of plants in Germany, Spain, Brazil, the United States and soon, also India. The range primarily concentrates on onshore turbines in the 1.5 to 3 MW class, addressing the requirements of developed as well as emerging markets.
Nordex CEO, Lars Bondo Krogsgaard, explained:
“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.”
José Luis Blanco, COO and Deputy CEO, added:
“Following many talks with colleagues in Germany and Spain, as well as elsewhere, I am convinced that the employees of Nordex and AWP are fully-committed to the merger. We are a perfect fit in every respect and, working together, face excellent prospects for our new company’s future extending well into the next decade.”