UTC Acquires Full Control of Clipper Windpower

by Terrence Murray - October 19, 2010

United Technologies (UTC) plans to acquire all outstanding shares of Clipper Windpower, the cash-strapped wind turbine maker.

UTC already controls about 49.9 percent of London AIM-listed Clipper. UTC’s 65 pence a share bid values the company at approximately �139.5 million ($220.7 million). The acquisition price is a 48 percent premium over Clipper’s September 17th� closing price.

Goldman Sachs is advising the Clipper’s board.

The acquisition doesn’t come as a surprise. UTC had been mulling acquiring the whole company for� a while and in view of that, back in March had pushed for the appointment of one of its directors, Mauricio Quintana, as CEO.

The deal provides Clipper access to a much larger balance sheet and will make the company more bankable with wind farm developers. “The acquisition will enable Clipper to fully leverage UTC’s management and operational expertise as well as its world class technology in blades, turbines, and gearbox design,” the company said in a release.

3 Responses to “UTC Acquires Full Control of Clipper Windpower”

  1. [...] quest for funding also motivated deals announced this week, including United Technologies� (UTC) purchase of all outstanding shares of California wind turbine maker Clipper Windpower. The UTC bid values Clipper at approximately [...]

  2. [...] Last week United Technologies, which already controls about 49.9 percent of Clipper Windpower, launched a bid to acquire all outstanding shares of the turbine maker. [...]

  3. [...] put the brakes on their project developments put the company in a cash crunch and paved the way for United Technologies Corp.�s buyout. He says UTC’s backing will help Clipper through the slump as well as grow revenues. Over the [...]

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