Under the terms of the deal, Nordex will pay €366.4m to Acciona in a one-off cash payment as well as 16.1m new Nordex shares, for a combined value of €419m, equal to a 16.6% stake in the German company.
The global renewable energy and infrastructure group Acciona also agreed to acquire 13.3% of additional existing Nordex shares from Skion-Momentum, which is Nordex’s current main shareholder, for €335m.
Skion-Momentum is an investment vehicle owned by the Quandt family and Nordex’s current main shareholder.
Upon completion of the deal, Acciona will hold 29.9% stake in Nordex while Skion-Momentum will retain a 5.7% interest.
Acciona chairman and CEO José Manuel Entrecanales said: "Our investment in Nordex responds to Acciona’s strategy of seeking long-term value creation in sustainable industries."
Nordex will combine its activities with Acciona Windpower to create a global company with complementary international footprints and technologies while reducing overall demand swings exposure in individual markets.
Entrecanales added: "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."
The transaction is expected to be completed by the first quarter of 2016 after receiving approval from competition authorities.
Nordex supervisory board chairman Dr Wolfgang Ziebart said: "By acquiring Acciona Windpower Nordex will hold a very strong position throughout the transformation in the wind industry."
Acciona will not increase its stake in Nordex above 30% for the next three years, as part of the deal.
Nordex CEO Lars Bondo Krogsgaard said: "We are confident that both Nordex and Acciona Windpower customers will realize value from our companies´ combined expertise."
Image: Acciona Windpower designs and produces wind turbines. Photo: courtesy of ACCIONA.
