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European Commission approves Vestas and MHI transaction

By: Tom Russell 27/11/2020 Vestas Wind Systems A/S

General Turbines

Vestas Wind Systems A/S (Vestas) and Mitsubishi Heavy Industries, Ltd. (MHI) have secured approval from the European Commission for its acquisition agreement which it recently announced. Under the agreement, Vestas will acquire MHI’s shares in the MHI Vestas Offshore Wind (MVOW) joint venture, and MHI will acquire 2.5 percent in Vestas and be nominated to a seat in Vestas’ Board of Directors.

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.”

Since the announcement, planning of integration of MVOW into the Vestas group has been initiated, focusing on the integration of employees and systems and realising synergies in sales, technology, manufacturing footprint and procurement to sustain customer relationships and lower costs. Following closing of the transaction, full planning of the integration will commence.

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.

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European Commission approves Vestas and MHI transaction

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