ACCIONA has accepted a proposal from the Board of Directors of Nordex to fully subscribe, through a private placement, a 10% increase in the share capital of the wind turbine manufacturer.
The capital increase, in compliance with German regulation, was priced using Nordex’s average share price of the past three days, €10.21, valuing the transaction at €99 million.
ACCIONA, the reference shareholder of Nordex, accepted the proposal in view of the company's solid growth prospects with the goal of strengthening its balance sheet in a challenging market environment. ACCIONA thus contributes to improving Nordex's solvency and reinforces its commitment to the long-term success of the company as an independent global turbine manufacturer.
ACCIONA's stake in Nordex will increase from 29.9% to 36.27%, above the 30% regulatory ceiling that automatically determines the legal obligation to make a public tender offer at the regulated price established by German law –€10.32 per share, pending official confirmation– equivalent to the average listed share price for the last three months.