United Technologies Corp. (NYSE: UTX) has reached agreement to purchase the remaining shares of California-based wind turbine maker Clipper Windpower Plc (CWP.L).
UTC currently owns approximately 49.9% of Clipper.
The acquisition, which is valued at 65 pence per share–for a total of 70 million pounds (about $112 million)–would allow UTC to secure full control of Clipper. the price is a 48% premium over Clipper’s closing price on Sept. 17, according to Reuters–though shares climbed about 30% on the news.
UTC said the arrangement allows for the long-term financial stability necessary for Clipper’s continued growth.
"The acquisition will enable Clipper to fully leverage UTC’s management and operational expertise as well as its world class technology in blades, turbines, and gearbox design," the company said in a release.
Clipper’s wind turbines add to UTC’s wide-ranging portfolio of energy efficient products and power generation systems
The acquisition will be implemented by way of a court-approved scheme
of arrangement under the UK Companies Act 2006, and remains subject to
customary closing conditions and the approval of Clipper’s shareholders.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company that provides a broad range of high technology products and support services to the building systems and aerospace industries.
Loading...