The transaction has a value of approx. EUR 709 million. Vestas’ planning of the expected integration of MVOW into the Vestas group will commence immediately and run until transaction closing, focusing on synergies in sales, technology, manufacturing footprint and procurement.
Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) have appointed Johnny Thomsen as CEO of MHI Vestas Offshore Wind A/S, taking over from Philippe Kavafyan who has left the company after two and half year as CEO. Until transaction closing, the executive management of MVOW will consist of Johnny Thomsen, CEO of MVOW, Tatsuichiro Honda, Co-Chief Executive Officer and Chief Financial Officer of MVOW, Kentaro Hosomi, Deputy Chairman of MVOW and CEO, Energy Systems, MHI, and Henrik Andersen, Chairman of MVOW and Group President and CEO of Vestas.
On a stand-alone basis, MVOW is expected to report a consolidated revenue for 2020 of approx. EUR 1.4bn, with an EBIT margin of around 4 percent. Closing of the transaction is expected to take place within either the fourth quarter of 2020 or the first quarter of 2021.