ACCIONA has completed the sale of its wind turbine manufacturing subsidiary, ACCIONA Windpower (AWP), to Nordex of Germany in a cash-and-shares transaction valued at €785 million.

Following clearance by anti-trust authorities, all contractual formalities have been completed. The transaction entailed the acquisition by Nordex of AWP from its parent, Acciona S.A., in return for new Nordex shares and cash. Alongside Nordex’s acquisition of AWP, Acciona S.A. agreed to acquire additional Nordex shares from SKion and Momentum-Capital. Following said steps, Acciona S.A will be the major shareholder in Nordex with a 29.9% stake.

The integration of AWP into Nordex will create a new, globally-positioned European powerhouse in the wind industry with manufacturing facilities in Germany, Spain, Brazil, the United States and soon India. The two companies generated combined sales of €3.4 billion in 2015 and have 4,800 employees.

As part of the integration process, the Nordex Supervisory Board will appoint two new members to its Management Board: José Luis Blanco as COO/Deputy CEO, and Patxi Landa as Chief Sales Officer. The two managers had previously held top positions at ACCIONA Windpower. Lars Bondo Krogsgaard and Bernard Schäferbarthold remain on Nordex’s Management Board as CEO and CFO, respectively.

Mr Krogsgaard said: “From today, Acciona Windpower and Nordex are one combined company. We will now be directing all our efforts towards ensuring that our customers in almost 30 markets benefit very quickly from our new alignment.”

Mr Blanco said: “The employees of Nordex and Acciona Windpower are fully committed to the merger. We are a perfect fit in every respect and, working together, face excellent prospects for the future.”

The two wind turbine manufacturers have complementary technologies and market footprints, with Nordex’s strong presence in Europe a good match for ACCIONA Windpower’s established position in North and South America. In total, the two companies have installed 18 GW of wind power capacity in more than 25 countries.