American Superconductor to acquire wind turbine firm
American Superconductor (AMSC) in Westboro has signed an agreement to purchase Austria-based Windtec, a private company specializing in the design and licensing of proprietary wind turbine systems.
The Windtec purchase price is 1.3 million shares of AMSC common stock, representing a value of $12.4 million based on yesterday's closing price. Terms of the acquisition call for a lockup, whereby Windtec owner and founder Gerald Hehenberger may sell only a certain number of shares per year through January 2010. AMSC will additionally acquire Hehenberger's 27 patents and patents pending worldwide on wind turbine technology.
The acquisition also includes an earn-out opportunity, by which Hehenberger can acquire an additional 1.4 million shares of AMSC common stock based on the achievement of certain revenue growth targets for fiscal years ending March 31, 2008 through March 31, 2011. Hehenberger will remain with the company as vice president and managing director of Windtec.
In October, Windtec placed a substantial order with AMSC for its PowerModule systems. Read more by clicking here.
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