Irvine, Calif.-based Composite Technology Corp. (CTC) has reached an agreement to sell substantially all of the operating assets and operating liabilities of DeWind Inc., including its subsidiaries and certain assets of DeWind Ltd., to Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) of Korea.
Under the terms of the asset purchase agreements, the sale price is approximately $46.5 million for substantially all of the operating assets and operating liabilities of DeWind Inc., and approximately $3 million for certain assets of DeWind Ltd., subject to certain possible post-closing adjustments.
The transactions are subject to customary closing conditions and are expected to close within the next 30 days. As part of the transaction, most of the DeWind employees will move to DSME.
‘This transaction will help DSME enter the global wind energy market and to establish a strong presence in that market,’ says Sang Tae Nam, president and CEO of DSME.
RBS Securities, an affiliate of The Royal Bank of Scotland PLC, acted as exclusive financial advisor to DeWind. Milbank, Tweed, Hadley & McCloy LLP acted as legal counsel to CTC and DeWind. Macquarie Securities Korea Ltd. acted as a financial advisor to DSME. Reed Smith LLP acted as U.S. legal counsel to DSME, and Shin & Kim acted as Korean legal counsel to DSME.
SOURCE: Composite Technology Corp.
