Vestas to buy German wind turbine service provider Availon for EUR 88m

Danish wind-turbine maker Vestas Wind Systems AS (CPH:VWS) said on Wednesday it had agreed to buy German wind turbine service provider Availon GmbH for EUR 88 million (USD 95.8m) on a debt and cash free basis.

The takeover price will be paid in cash from Vestas' available resources.

The acquisition will accelerate Vestas' growth plans in the service business. Furthermore, Availon forms a great strategic fit and complement to the recently acquired UpWind Solutions in the US, group senior vice president Christian Venderby said.

Germany is Vestas' largest market in Europe, and Availon’s strong presence there will expand the joint service portfolio and bolster the group's position as a leading global service partner, Nils de Baar, president of Vestas Central Europe, added.

For 2015, Availon is expected to report consolidated revenues of EUR 59.8 million, normalised earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 5.2 million and total assets of some EUR 33.3 million.

Completion of the transaction is expected in the first quarter of 2016, subject to regulatory approval.

(EUR 1.0 = USD 1.089)

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