Vestas acquires MHI’s stake in offshore joint venture

The €709m deal will also see Mitshubishi Heavy Industries secure a 2.5% stake in Vestas

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Danish wind turbine manufacturer Vestas has announced it will acquire Mitsubishi Heavy Industries’ (MHI) shares in the joint venture MHI Vestas Offshore Wind (MVOW).

The €709 million (£639m) deal will also see MHI secure a 2.5% stake in Vestas and a nomination to a seat in Vestas’ Board of Directors.

Closing of the transaction is expected to take place within either the fourth quarter of 2020 or the first quarter of 2021.

Vestas plans to integrate the joint venture into the company’s group immediately and will work together in sales, technology, manufacturing footprint and procurement.

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