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India

India

Suzlon shareholders approve Senvion sale

INDIA: Suzlon shareholders have approved the sale of German turbine manufacturer Senvion to Centerbridge Partners.

The Senvion board agreed the deal in November
The Senvion board agreed the deal in November

In January, Suzlon's board agreed to sell Senvion to private equity group Centerbridge Partners in a €1 billion cash deal, but the deal still relied on the consent of Suzlon's shareholders. This has now been secured and the way is cleared for the deal to be closed.

Shareholders also approved the issue of up to INR 1 billion ($16 million) in equity shares on a "preferential basis... to certain persons".

Consent was also granted for the sale of SE Forge, a Suzlon non-core subsidiary that casts machine parts.

Suzlon acquired Senvion, or Repower as it was then known, in 2007 after a four-month battle with Areva. It acquired 60% of the company, which rose to 92% in 2009 and 100% in 2011.

The original Suzlon-Senvion deal in 2007 valued the company at €1.22 billion.

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