Suzlon Energy Ltd. has competed the acquisition of Martifer Group's stake in REpower Systems AG. The purchase of Martifer's stake in REpower by Suzlon was agreed to in February 2007.
With the conclusion of this transaction, Suzlon holds a 90.72% stake in REpower. Martifer has received full consideration in accordance with the agreed timeline.
‘With the transaction behind us, we will focus our efforts on building a mutually beneficial business relationship with Martifer by harnessing the complementary strengths and business models,’ says Tulsi Tanti, chairman and managing director of Suzlon Energy Ltd. ‘We continue to pursue our long-term strategy for REpower and are committed to its growth and development.’
The final tranche of shares, accounting for a stake of approximately 14.4% in REpower, was acquired in a two-part payment plan, with a payment of 87.6 million euros on May 29 and a payment of 87.6 million euros on June 5. This transaction follows the payments of the first tranche of 65 million euros in December 2008 and the second tranche of 30 million euros in April 2009.
SOURCE: Suzlon Energy Ltd.