April 20 (Renewables Now) - US conglomerate General Electric (NYSE:GE) announced on Thursday it has wrapped up its EUR-1.5-billion (USD 1.6bn) takeover of Danish wind turbine blades maker LM Wind Power.
GE said it has closed the transaction after receiving all necessary approvals in the EU, the US, China and Brazil. The European Commission (EC) gave its unconditional nod last month.
“The completion of the LM Wind Power acquisition provides us with the operational efficiencies necessary to support the growth of our wind turbine business, which is the fastest growing segment of power generation,” said Jerome Pecresse, president and CEO of GE Renewable Energy.
LM Wind Power is a provider of blade development, manufacturing, service and logistics. The company has 13 blade factories in Brazil, Canada, China, Denmark, India, Poland, Spain and the US, all of which are located in or close to key wind power growth regions for GE.
GE announced it was buying LM Wind from London-based private equity firm Doughty Hanson in October 2016. It plans to run the acquired business as an individual operating unit within GE Renewable Energy, providing baldes for its own projects and to third parties.
GE expects the transaction to build on its earnings, starting next year.
(EUR 1.0 = USD 1.074)