With Horten's assistance, General Electric concluded a conditional agreement in October 2016 with the private equity company Doughty Hanson, London, concerning the purchase of the Danish manufacturer and supplier of wind turbine rotors to the wind power industry at a price of EUR 1.5 billion equivalent to DKK 11.2 billion. After a long-term and complicated closing procedure, the conditional takeover is now final.
General Electric will insource the manufacturing of rotors and improve the possibilities of creating additional expansion and growth and more value to the company's onshore and offshore customers.
LM Wind Power is the world's largest independent manufacturer of rotors with more than 6,500 employees in eight countries: USA, Canada, China, India, Brazil, Spain, Poland and Denmark.
REDEMPTION OF BONDS
In connection with General Electric's takeover, LM Wind Power redeemed all its bonds listed on OMX Nasdaq on 28 April 2017, in total two series of EUR 130 million (approx. DKK 970 million) and NOK 475 million (approx. DKK 380 million), respectively.
Horten has advised General Electric in connection with the final takeover of LM Wind Power and the redemption of the bonds and the loan.