VWDRY - Vestas buys full ownership of offshore wind JV with Mitsubishi in $832M deal

Vestas (VWDRY) says it has taken full ownership of its MHI Vestas offshore wind turbine joint venture, acquiring Mitsubishi Heavy Industries' (MHVYF) half of the business in an all-stock deal valued at €709M ($832M).Vestas expects the 50-50 JV, which was formed in 2014 and supplies wind turbines to developers of offshore farms, to generate €1.4B ($1.65B) in revenues this year.Mitsubishi Heavy will take a 2.5% stake in Vestas and a seat on the board as part of the deal."Given that we expect the offshore market to grow faster than onshore through 2030, this will give the consolidated Vestas business a faster growth profile," Citi analysts say.

For further details see:

Vestas buys full ownership of offshore wind JV with Mitsubishi in $832M deal