AMSC Deal With The Switch Off
Plans for troubled Devens-based wind power company AMSC to acquire Finnish company The Switch Engineering Oy have been cancelled because of problems with financing for the deal.
AMSC, formerly known as American Superconductor, signed an agreement with the shareholders of The Switch on March 12.
The Switch shareholders will keep an advance payment equivalent to $20.6 million that AMSC made on June 29 as a "break-up fee" specified in the companies' agreement. AMSC will record the fee as an expense for its second fiscal quarter, which ended Sept. 30.
AMSC said in a statement that despite the termination of the agreement, the companies "continue to see strong synergies" and expect to keep working collaboratively on efforts to increase wind turbine reliability and reduce energy costs.
WBJ Web Partners
Most Recent
Most Recent
0 Comments