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Recently Vestas Wind Systems (Vestas) and Mitsubishi Heavy Industries (MHI) announced that Vestas will acquire MHI’s shares in the MHI Vestas Offshore Wind (MVOW) joint venture, and MHI will acquire 2.5 percent in Vestas and be nominated to a seat in Vestas’ Board of Directors.
The transaction between Vestas and MHI was subject to regulatory approvals by the competition authorities and the two companies today received the official approval of the transaction from the European Commission. Final closing of the transaction is expected to take place before year end. Until closing, Vestas and MVOW will continue to execute as two independent companies, with just a small number of Vestas employees engaged in planning the future integration of the two companies.