The nuclear power reactor constructor Areva announced it has decided to sell its 50% stake in Adwen offshore joint venture to partner Gamesa after failing to find a third-party buyer. Adwen to Gamesa. Adwen is , the Joint Venture they formed together in 2015. The deal amounts to €60m.
The Spanish wind turbine manufacturer Gamesa is currently merging with the German turbine manufacture Siemens (announcement in June 2016). When Siemens and Gamesa agreed to merge, they specified that Areva had three months to decide whether it wanted to buy out Gamesa's 50% Adwen stake, or sell it to them. In the mean time Generale Electric made an offer for some of Adwen's assets, but Areva rejected that proposal in August 2016.
The completion of the deal is subject to the authorization of the German competition authority. The closing of the transaction is expected in January 2017.
The Areva's sell of its wind branch confirm the company's the strategy to refocus on the nuclear fuel cycle. Areva sold its nuclear reactor business to French energy group EDF.
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