Vestas has agreed to buy out Mitsubishi Heavy Industries (MHI) from their offshore wind joint venture, MHI Vestas Offshore Wind (MVOW).
It will acquire MHI’s shares in the joint venture (JV), while MHI will acquire a 2.5% stake in Vestas and be nominated to a seat on the turbine manufacturer’s board of directors.
The transaction is worth approximately €709 million, based on recent share prices, Vestas stated.
It expects the deal to close in either Q4 2020 or early 2021.
Vestas will immediately start planning the expected integration of MVOW into the Vestas group, focusing on synergies in sales, technology, manufacturing footprint and procurement.
MHI Vestas has also appointed co-CEO Johnny Thomsen as new CEO of MHI Vestas, to replace Philippe Kavafyan, who has left the company after two and a half years.
The two companies officially launched their MHI Vestas joint venture in 2014.