April 30 (SeeNews) - US buyout firm Centerbridge Partners LP has wrapped up its EUR-1-billion (USD 1.11bn) takeover of German wind turbine maker Senvion SE from Indian sector player Suzlon Energy Ltd (BOM:532667).
Hamburg-based Senvion announced the completion of the transaction on Wednesday, saying it had also obtained a new EUR-950-million guarantee and credit line from a group of 15 international banks and credit insurances. The firm noted that the new facility is EUR-100-million larger than its previous one so that it has additional resources to fuel further growth.
Under the terms of the acquisition agreement, signed in January 2015, Suzlon may also receive EUR 50 million in earn-out payments. The Indian wind turbine manufacturer said in a separate statement it had raised some INR 70 billion (USD 1.1bn/EUR 992m) in cash from the sale and that it plans to use a substantial portion of the money to pay back debt and for volume growth.
As previously agreed, Senvion will give Suzlon a license for offshore technologies for the Indian market, while Suzlon will give the German firm the S111-2.1MW turbine license for the US market.
“We will continue to expand our onshore market share, both in our top five markets of Germany, the UK, Australia, Canada and France and in other target markets and will also cement our strong position in the offshore market,” said Andreas Nauen, CEO of Senvion.
(EUR 1.0 = USD 1.110)
(INR 10 = USD 0.157/EUR 0.142)