United Technologies Corp which owns around 49.9% of Clipper Windpower Plc said it would acquire remaining shares of Clipper for 65 pence per share, which is GBP 70 million or about US$ 112 million.
United Technologies said the transaction allows it to secure full control of Clipper and expands its existing portfolio of energy efficient products and power generation systems. Clipper's board, advised by Goldman Sachs, recommended its shareholders to vote in favour of the transaction. According to Clipper, the acquisition, which is subject to customary closing conditions and approval of its shareholders, would be completed in December 2010.
United Technologies said the transaction allows it to secure full control of Clipper and expands its existing portfolio of energy efficient products and power generation systems. Clipper's board, advised by Goldman Sachs, recommended its shareholders to vote in favour of the transaction. According to Clipper, the acquisition, which is subject to customary closing conditions and approval of its shareholders, would be completed in December 2010.
