Following the approval from all relevant authorities, Vestas has, as expected, completed its acquisition of independent service provider (ISP) Availon Holding GmbH.
As of March 1, Availon will be included in Vestas’ financials. Vestas says it maintains its 2016 financial outlook because the acquisition was incorporated in its previously announced expectations.
Vestas announced its plans to buy the Rheine, Germany-based ISP in January. The acquisition price was EUR 88 million on a debt- and cash-free basis. Vestas said Availon maintains 400 employees and services a wind capacity of more than 2.6 GW, as of January.
Christian Venderby, group senior vice president for Vestas’ global services, called Availon “a solid strategic fit” for Vestas – whose largest European market is Germany – as well as a “great complement” to its acquisition of San Diego-based UpWind Solutions back in December.