DCNS SA, a marine engineering company, completed the acquisition of additional 48.7% interest in OpenHydro Group Limited, a company engaged in designing and manufacturing of marine turbines to generate renewable energy from tidal streams, for a purchase consideration of €130m ($173.09m). The transaction is a part of DCNS's growth plan to double its sales by 2020.
Earlier on January 27, 2011, DCNS acquired 8% interest in OpenHydro, for a purchase consideration €14m ($19.16m). Subsequently, on December 31, 2011, it has acquired additional 3.16% interest in OpenHydro, for a purchase consideration of €3.7m ($5.69m).
Following the transaction, OpenHydro will retain its team and brand and will benefit from the experience and the competencies of DCNS.
The acquisition enables DCNS to further strengthen its marine turbines business in Ireland.
Patrick Boissier, chairman and CEO of DCNS, said, “This operation is a practical implementation of our ambition in marine renewable energy, which is one of DCNS’ development priorities for the coming decades. Taking control of a start-up in another country and in the energy sector demonstrates the magnitude of the transformation put into effect by our Group since the launch of our growth plan threeyears ago. We are excited that we will soon see the teams from OpenHydro join DCNS to contribute with us to sustainably developing the oceans’ potential.”
James Ives, CEO of OpenHydro, said, “The acquisition of OpenHydro by DCNS bears witness to the remarkable work accomplished by our team since 2004 and to the confidence of DCNS in our future. We share with DCNS a passion for the sea and for leading-edge technology. DCNS brings us deep knowledge of the marine environment, its industrial experience and the resources necessary for our development. We are proud and excited to continue our entrepreneurial adventure as part of one of the world’s leading groups.”
Completed: On March 14, 2013, DCNS completed the acquisition of additional 48.7% interest in OpenHydro Group for a purchase consideration of €130m ($173.09m).
Announced: On January 22, 2013, DCNS agreed to acquire additional 48.7% interest in OpenHydro Group for a purchase consideration of €130m ($173.09m).
Rumor: On October 26, 2012, DCNS rumored to acquire additional 48.7% interest in OpenHydro Group.