November 19, 2009
Suzlon subsidiary divests 35.22 % stake in Hansen
Pune: AE-Rotor Holding BV (AERH), a wholly owned indirect subsidiary of Suzlon
Energy Limited (SEL), the world's third largest wind turbine group, with 12.3 per cent
of global market share,* announced the completion of a secondary placing of
[236,000,000] depository interests in ">Hansen Transmissions International NV,
representing in aggregate 35.22 per cent of the aggregate voting rights in Hansen, at
a price of 95 pence per depository interest. The value of the Placing is approximately
£224 million (~USD 370 million).
Following the Placing, Suzlon-subsidiary AERH continues to own in aggregate
174,632,079 depository interests in Hansen, representing 26.06 per cent. of the
aggregate voting rights in Hansen. There are no Board changes in Hansen envisaged
following the Placing.
Speaking on the transaction, Mr. Tulsi R. Tanti, Chairman and Managing Director
Suzlon Energy Limited, said: Our acquisition of Hansen was guided by long-range
strategic interests that we see being delivered today. Since the initial investment we
have seen enormous value creation in Hansen, the company has expanded around the
world, adding manufacturing capacity and jobs that will support the wind energy
sectors growth in the years to come.
Mr. Sumant Sinha, COO Suzlon Energy Limited, said: At the Suzlon level, this
marks another successful stage in our strategy. This transaction is an important step
towards further optimizing our debt profile. We have developed a good relationship
with Hansen, hence securing our gearbox supplies for the long term. As the largest
shareholder in the company we will continue to work towards creating even greater
value.
