GE Energy acquires 100% of ScanWind from Morphic Technologies and Nord Trondelag

Tue. September 15, 2009; Posted: 02:22 PM

Sep 15, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- MPHCF | Quote | Chart | News | PowerRating -- GE Energy, a US-based supplier of equipment and services for power generation, has acquired 100% of the shares in ScanWind Group AS, a Norway-based manufacturer of wind turbines, from Morphic Technologies AB and Nord Trondelag Elektrisitetsverk AS.

Morphic is a Sweden-based developer and marketer of energy systems, while Nord Trondelag is a Norway-based energy producer.

Announcement (August 12, 2009):

GE Energy has signed an agreement to acquire 100% of the shares in ScanWind from Morphic and Nord Trondelag for SEK130 million ($17.83 million) on a cash and debt free basis.

Morphic and Nord Trondelag hold 81.55% and 18.45% stake in ScanWind, respectively.

Ernst & Young Corporate Finance AB is acting as financial advisor, while Thommessen Krefting Greve Lund AS Advokatfirma and Mannheimer Swartling Advokatbyra AB are acting as legal advisors to Morphic. Advokatfirman Vinge KB is acting as legal advisor to GE Energy on this transaction.

The transaction is expected to be completed early September 2009.

Deal Value (US$ Million) 17.83
Deal Type                Acquisition
Sub-Category             100% Acquisition
Deal Status              Completed: 2009-09-14

Deal Participants

Target (Company)   ScanWind Group AS
Acquirer (Company) GE Energy
Vendor 1 (Company) Morphic Technologies AB
Vendor 2 (Company) Nord Trondelag Elektrisitetsverk AS

Deal Rationale

The sale is part of Morphic's strategy to focus on its core businesses and deploy the proceeds to further strengthen its position in core fuel cells business. The sale will also substantially reduce Morphic's base costs, corresponding to an annual saving of SEK58 million ($7.95 million). The acquisition will give GE Energy the ability to provide a direct drive, offshore wind turbine offering as an option to its customers and also represent the next strategic fit for its wind turbine line.

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