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Belgium

Belgium

Suzlon sells remaining Hansen share for £115 million

UK: Hansen Transmission International’s major shareholders Suzlon and Ecofin today agreed the sale of the Belgian company to German engineering firm ZF Friedrichshafen for £444.8 million.

Hansen is to be acquired by German engineering firm ZF Friedrichshafen
Hansen is to be acquired by German engineering firm ZF Friedrichshafen

ZF this morning announced a recommended cash offer for Hansen of 66 pence per share — 95.6 per cent over Friday’s closing price of Hansen shares on the London Stock Exchange — had been accepted by both Suzlon and UK investment firm Ecofin.

Suzlon later confirmed that it had accepted the offer for its 26.06 per cent stake in Hansen, which it holds via its Dutch subsidiary AE-Rotor Holding. The firm’s Hansen stake is valued at around £115 million under the terms of the sale.

"The planned acquisition will bring together substantial manufacturing and engineering expertise and strong research and development capability with a stable and supportive ownership structure," said ZF Friedrichshafen chief executive Hans-Georg Härter.

"We are committed to leveraging this worldwide platform to develop this business through investment in growth, creating significant opportunities for the highly skilled management teams and employees of both companies."

The sale of Hansen follows its €75 million disposal of its industrial gearbox division last year and comes as Suzlon looks to complete its acquisition of 100 per cent of the shares in Repower.

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