The European Commission’s competition authority has approved Vestas Wind Systems’ acquisition of MHI’s shares in the MHI Vestas Offshore Wind
The companies first announced details of the plan in late October 2020. Vestas is to acquire MHI’s 50% share of the MHI Vestas Offshore Wind joint venture against 5,049,337 shares in Vestas that will be issued at closing of the transaction, corresponding to 2.5% of Vestas’ nominal share capital after the capital increase.
The transaction has a value of approximately €709M (US$832M), based on the volume-weighted average of the price for shares in Vestas as quoted on Nasdaq Copenhagen the last five days up to and including 28 October 2020.
In a statement, Vestas said the deal was “an emphatic long-term move in offshore wind energy” with the aim of becoming a leading player in offshore wind by 2025. Vestas also announced at the time that the company plans to launch a new multi-megawatt offshore turbine “imminently.”
Vestas group president and chief executive Henrik Andersen said when the transaction was announced, “Vestas is the leader in onshore wind, but to accelerate the energy transition and achieve our vision we must play a larger role in offshore wind.”
When it first announced the deal, Vestas said it would be subject to regulatory approval by the competition authorities. On 27 November 2020 it confirmed that approval for the transaction had been received from the European Commission. Final closing of the transaction is expected to take place before year end.