DCNS takes over OpenHydro

(SeeNews) - Mar 15, 2013 - French naval shipyard DCNS said Thursday it had taken full control of Irish underwater turbines manufacturer OpenHydro by boosting its shareholding in the company to 59.7% from 11%.

Financial details have not been disclosed. On announcing the deal in January, DCNS's CEO Patrick Boissier said it planned to spend EUR 130 million (USD 169.3m) to buy a majority stake in the Irish start-up by purchasing shares from existing shareholders and a capital increase.

The acquisition is in line with DCNS' plan to expand on the global tidal energy sector, it said, adding that it will target to generate a turnover of over EUR 1 billion from marine turbine energy by 2025.

Following the deal, DCNS will initially focus on the industrialisation of OpenHydro's solutions. The company intends to establish a marine renewable energy business division, which will unite its marine energy business and OpenHydro's activities. OpenHydro will retain its brand name and management team.

(EUR 1.0 = USD 1.302)

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