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Morphic Technologies AB has has signed an agreement to sell ScanWind to GE Energy. The transaction, subject to customary closing conditions, is expected to be completed early September.
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Scanwind, headquartered in Trondheim, Norway, has approximately 45 employees and was formed in 1999 to develop and commercialise direct drive wind turbine technology suitable for offshore deployment. The acquisition of Scanwind is made at a purchase price of SEK 130 million on a cash and debt free basis for 100% of the shares in Scanwind. Out of the consideration Morphic receives 81.55% and the minority owner of Scanwind, Nord-Trøndelag Elektrisitetsverk Holding AS (NTE) the remaining 18.45%. The transaction will result in a loss for the Morphic Group of approximately SEK 135 million. The final purchase price will be dependent on the proceeds realized from the sale of the Verdal property and the impact of any other closing adjustments. Morphic’s other wind power operations will not be affected by the deal.
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