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.