Acciona Windpower (AWP) has completed its merger to create a global leader in the wind power industry with the acquisition by Nordex of 100% of AWP’s share capital, in a cash-and-shares transaction valued at €785m.
Following clearance by the relevant competent authorities, all contractual formalities have now been completed. This dual transaction involves the acquisition by Nordex of AWP from the Acciona group in return for a combination of cash and newly-issued shares. Acciona becomes the major shareholder in the new company with an increased stake of 29.9% thanks to the purchase of additional Nordex shares from SKion and Momentum-Capital.
The integration of AWP into Nordex will created a leading European powerhouse for the wind industry with manufacturing facilities in Germany, Spain, Brazil, the USA and, in the near future, India. The two companies generated combined sales of €3.4bn in 2015 and a workforce 4,800 employees.
As part of the integration process, the Nordex Supervisory Board has appointed two managers from AWP as new members of the company’s Management Board: José Luis Blanco, in his capacity as COO and Deputy CEO and Patxi Landa as Chief Sales Officer. Lars Bondo Krogsgaard and Bernard Schäferbarthold remain on Nordex’s Management Board as CEO and CFO, respectively.
The two wind turbine manufacturers have complementary technologies and market footprints. Nordex enjoys a strong presence in Europe, while AWP has an established position in North America and Latin America. In total, the two companies have installed 18 GW of wind power capacity in more than 25 countries.