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ACCIONA Windpower and Nordex join forces to create a major player in the wind industry

By Michelle Froese | October 5, 2015

ACCIONA Windpower and Nordex are joining forces to create a major new player in the wind industry. Nordex, a listed German wind turbine manufacturer headquartered in Hamburg, with a market capitalization of €2 billion, will acquire ACCIONA Windpower from ACCIONA S.A., a global renewable energy and infrastructure group.

The transaction is valued at €785m, payable in cash (€366m) and 16.1 million in new Nordex shares (€419m) equal to a 16.6% stake in the German company.

acciona

Nordex has agreed to acquire Acciona Windpower to form a global company with complementary products and a strong international footprint in the wind market.

At the same time, ACCIONA S.A. will acquire 13.3% of additional existing Nordex shares, valued at €335m, from Skion-Momentum, an investment vehicle of the Quandt family and Nordex’s current main shareholder.

As a result of both transactions, ACCIONA S.A. will become the largest shareholder in Nordex with a 29.9% stake, while Skion-Momentum will retain a 5.7% share in the listed German company.

The transaction is subject to approval by relevant competition authorities.

In combining their activities, Nordex and ACCIONA Windpower will create a truly global company with complementary international footprints and technologies, and the potential to rank among the top five global onshore wind turbine manufacturers.

ACCIONA Windpower and Nordex 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 with manufacturing facilities in the US, Brazil and Spain, and a new factory under construction in India. The combined group has an estimated total order backlog of approximately 2.8 GW in 2015.

ACCIONA Windpower’s products are primarily aimed at large-scale wind farms that require efficient and sturdy machines for unconstrained terrains, while Nordex’s products are well-suited to complex projects in populated areas subject to technical restrictions.

“Our investment in Nordex responds to ACCIONA’s strategy of seeking long-term value creation in sustainable industries”, José Manuel Entrecanales, ACCIONA’s Chairman and CEO, said.

“We are proud to be joining forces with Nordex to create a new industry leader based in Europe with a strong global footprint and a sustainable market position, which at the same time maintains the unique integrated business model of our renewable energy division,” added Entrecanales.

ACCIONA
www.acciona.com

Nordex SE
www.nordex-online.com


Filed Under: News
Tagged With: Acciona, companies, Merge, Nordex, power, wind
 

About The Author

Michelle Froese

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