PNE Wind AG completed the acquisition of 54% stake in WKN Windkraft Nord AG from Volker Friedrichsen Beteiligungs-GmbH.
July 03, 2013
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PNE Wind AG (XTRA:PNE3) signed a share purchase contract to acquire a 54% stake in WKN Windkraft Nord AG from Volker Friedrichsen Beteiligungs-GmbH for €93 million in cash and stock on April 19, 2013. Under the terms of deal, PNE Wind AG will issue 3 million shares to Volker and will pay €85.7 million in cash. PNE plans to issue company bonds to the value of €100 million to finance the takeover and other activities. The acquisition was paid with the bond proceeds, shares from PNE Wind's buyback program and its existing cash reserves. For the year ended 2012, WKN posted, a turnover of €44.4 million, earnings before tax of €9.1 million and a net income of €6.6 million. The deal is subject to the approval of the governing bodies, an audit by the cartel authorities and other conditions. Ulrich Wiehle and Janis Fischer of cometis AG acted as public relations advisor to PNE.
Malte Jordan, Gerrit Bartsch, Christian Ulrich Wolf, Michael-Alexander Rojnic, Stefan Kilgus, Nikolaus Krienke, Manuel J. Rolfes, Conrad Seiferth, Ralf Hangebrauck, Malte Koch, Joachim Heinemann, Tanja Mado, Alexander Schroer, Silvia Ribeiro da Cunha Heimberg, Thomas Meyerhans, Wichard von Hoff, Christine Bader, Eugenio Tranchino, Tiziana Manenti, Rona Persichetti, Luca Sfrecola, Lorenzo D'Alessandro, Micaela Tinti, Marta Zilianti, Vincent Trevisani, Florent Segalen, Evis Linfoot, Laurent Battoue, John Imhof, Steven Hollander, Maxi Adamski, Gareth Phillips and James Rennard of Watson, Farley & Williams LLP, Wardynski, Werksmans, MAQS and Brodies acted as legal advisor to PNE Wind AG.
PNE Wind AG (XTRA:PNE3) completed the acquisition of 54% stake in WKN Windkraft Nord AG from Volker Friedrichsen Beteiligungs-GmbH on July 4, 2013.
PNE AG, formerly PNE Wind AG, is a Germany-based renewable energy company. The Company develops onshore and offshore wind farms. It operates through two segments. The Electricity Generation segment covers the generation of electricity from the operation of own wind farms, and the Projecting of Wind Power Turbines covers the activities from initial site exploration, approval procedure, financing, turnkey construction, operation and repowering, as well as related services. The Company operates under the brands PNE and WKN and is active through subsidiaries and joint ventures in Europe, South Africa, the United States and Canada. The Company's offshore wind farms are mainly located in the North Sea and onshore wind farms are in numerous countries in Europe, as well as in South Africa, the United States and Canada. In addition to wind energy, PNE AG pursues solutions in the areas of photovoltaic energy, electricity storage and power-to-gas technologies with a focus on hydrogen.
PNE AG 
