Vestas obtains MHI’s stake in offshore combined venture: Wind turbine manufacturer, Vestas from Denmark, has reported it will obtain Mitsubishi Heavy Industries’ (MHI) shares in the joint venture MHI Vestas Offshore Wind (MVOW).
The €709 million (£639m) deal will also help MHI secure a 2.5% stake in Vestas & an appointment to a seat in Vestas’ Board of Directors.
Closing of the deal is expected to take place in the period of either the fourth quarter of 2020 or the first quarter of 2021.
Vestas intends to integrate the combined venture into the company’s group straight away and will team up in sales, technology, manufacturing footprint & procurement.
Vestas obtains MHI’s stake in offshore combined venture