Electrawinds NV / SA entered into a share purchase agreement to acquire European CleanTech 1 SE (DB:ECT) from VENTIZZ Capital Partners AG and other shareholders in a reverse merger transaction on May 2, 2012. The new name of European CleanTech 1 will be Electrawinds SE. The shareholders of Electrawinds will receive cash payment of €14.6 million and 39.9 million shares of European CleanTech 1. On completion, the shareholders of Electrawinds will have 76.2% stake, and the public shareholders will have upto 23.8% stake of which the sponsors of European CleanTech 1 will hold upto 2.8% stake in the combined entity. The management of Electrawinds will continue to manage the combined entity. The transaction requires the approval of the shareholders of European CleanTech 1 at a general meeting to be held on June 15, 2012. The transaction was uanimously approved by the Executive and Supervisory Board of European CleanTech 1. If the transaction is approved by the European CleanTech shareholders, then Electrawinds NV will become a subsidiary of European CleanTech 1 and European CleanTech 1 will be renamed Electrawinds SE. The shareholders of European CleanTech approved the transaction on September 28, 2012. Roland Maaß, Stefan Süß, Axel Beranek, Boris Gorodinsky, Thomas Poss, Geraldine Kearney, Fabian Jürgens, Stefan Mayer and Orly Morgenstern of Latham & Watkins acted as the legal advisors for European CleanTech I SE.

Electrawinds NV / SA completed the acquisition of European CleanTech 1 SE (DB:ECT) from VENTIZZ Capital Partners AG and other shareholders in a reverse merger transaction on October 11, 2012.