Suzlon Group has signed a binding agreement with Centerbridge Partners LP, USA to sell its 100% stake in Senvion SE.
The deal is valued at € 1 billion equity value in an all cash transaction and future earn out of upto an additional € 50 million. Suzlon said the sale of is in line with its strategy to reduce its debt and focus on domestic opportunities, high-growth regions like the USA and emerging markets. Senvion will give a licence to Suzlon for their offshore technology for the Indian market and Suzlon will give a license to Senvion for the S111-2.1 MW technology for US market. The transaction is subject to regulatory approval and is expected to close before the end of Suzlon’s current fiscal year, which ends in March.