German PNE Wind secures 82.75% in wind park developer WKN

Jul 10, 2013 - German wind park developer PNE Wind AG (ETR:PNE3) completed the targeted acquisition of around 83% of German peer WKN AG by adding 29.33% yesterday after acquiring majority last week, PNE Wind announced Tuesday.

The additional stake was bought in cash from Siemens Project Ventures GmbH, part of Siemens (ETR:SIE), under a joint sales right. The company did not disclose the price of the deal but said it was based on WKN valuation of EUR 93 million (USD 119.6m).

PNE Wind purchased 53.42% of its rival from investment firm Volker Friedrichsen Beteiligungs-GmbH paying in a cash-and-stock deal.

WKN has onshore wind farms with nominal capacity of over 1.1 GW and is working on more than 1.7 GW of additional facilities. PNE Wind has put online 820 MW of onshore wind projects and is developing a further 3.1 GW of capacity. The two companies' farms are located in several European countries, North America and South Africa. The listed firm is also engaged in offshore wind farms.

(EUR 1=USD 1.286)

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