European Commission Approves Vestas, Mitsubishi Offshore Wind Deal

OE Staff
Friday, November 27, 2020

The European Commission has granted its approval for wind turbine maker Vestas to acquire Mitsubishi Heavy Industries' shares in their offshore wind joint venture MHI Vestas Offshore Wind.

The agreement, which will also see MHI acquire 2.5 percent in Vestas and be nominated to a seat in Vestas’ Board of Directors, was first announced on October 29.

Vestas at the time said the transaction had a value of approx. EUR 709 million.

The transaction between Vestas and MHI was subject to regulatory approvals by the competition authorities and on Friday the two companies received the official approval of the transaction from the European Commission.

The final closing of the transaction is expected to take place before year-end.

Until closing, Vestas and MVOW will continue to execute as two independent companies, with just a small number of Vestas employees engaged in planning the future integration of the two companies. Following the closing of the transaction, full planning of the integration will begin.

Henrik Andersen, Group President and CEO of Vestas, said: “With today’s approval of the transaction we are excited to move one step closer towards welcoming offshore back into the Vestas family. I’m personally very encouraged by the many dialogues I’ve had with both Vestas and MHI Vestas Offshore Wind colleagues as well as our customers and partners since we announced the strengthened partnership with Mitsubishi Heavy Industries. It’s clear that everyone is excited about our bold step together towards accelerating the energy transition.” 

Categories: Energy Mergers & Acquisitions Industry News Offshore Wind Activity Europe

Related Stories

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

CNOOC Finds Oil and Gas in South China Sea

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Woodside Finds South Korean Partners to Advance LNG Value Chain

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Turkey Discovers New Black Sea Gas Reserve

Current News

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com