GE Energy To Acquire Morphic Technologies' Offshore Wind Turbine Technology

NAW Staff, Wednesday 12 August 2009 - 11:33:52

Stockholm, Sweden-based Morphic Technologies AB has signed an agreement to sell ScanWind to GE Energy at a purchase price of 130 million Swedish krona. The transaction, subject to customary closing conditions, is expected to be completed in early September.

ScanWind, headquartered in Trondheim, Norway, has approximately 45 employees and was formed in 1999 to develop and commercialize direct-drive wind turbine technology suitable for offshore deployment.

"This acquisition will give GE the ability to provide a direct-drive, offshore wind turbine offering as an option to our customers," says Victor Abate, vice president of renewables for GE.

The acquisition of ScanWind is made on a debt-free basis for all of the shares in ScanWind. Morphic will receive 81.55% and the minority owner of ScanWind, Nord-Trondelag Elektrisitetsverk Holding AS, will receive the remaining 18.45%.

The transaction will result in a loss for the Morphic Group of approximately 135 million Swedish krona.

Morphic's financial advisor in this transaction was Ernst & Young Corporate Finance AB, and the legal advisor was Mannheimer Swartling Advokatbyra AB.

SOURCES: Morphic Technologies, GE Energy



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