(SeeNews) - Jan 23, 2013 - French naval shipyard DCNS said Tuesday it would lift its stake in Irish underwater turbines manufacturer OpenHydro to majority as part of its strategy to double its revenue by 2020.
Currently DCNS owns 11% of the Irish company and it would boost its stake to 59.7% by purchasing shares from existing shareholders and a capital increase. Following the acquisition, OpenHydro will retain its brand name and its team.
The move is part of DCNS’s plan to expand its presence in the global tidal energy sector, achieving annual sales of at least EUR 1 billion (USD 1.3bn) by 2025.
The transaction is still subject to regulatory approval and is expected to be completed in the first half of 2013.
(EUR 1.0 = USD 1.334)