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PNE AG — M&A Activity 2013
Apr 19, 2013
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M&A Activity
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Ad-hoc | 19 April 2013 14:07
PNE WIND AG purchases approx 54 percent of WKN AG
PNE WIND AG / Key word(s): Mergers & Acquisitions/Investment
19.04.2013 14:07
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Cuxhaven, 19th April 2013 - PNE WIND AG, Cuxhaven, purchases approx. 54
percent of the shares in the wind farm development specialist, WKN AG,
Husum from the former majority shareholder, Volker Friedrichsen
Beteiligungs-GmbH. The share purchase contract was signed today. The
purchase price is based on a company valuation amounting to approx. EUR 93
million and will be paid by PNE WIND AG with cash funds and own shares. PNE
WIND AG shares in the amount of 3,074,209, which were recently bought back
at an average share price of Euro 2.66 will be used for this purpose. The
Volker Friedrichsen Beteiligungs GmbH has informed PNE WIND AG that it,
upon completion of the transaction, will purchase 168,680 convertible bonds
issued in 2010 by PNE WIND AG from Luxempart SA, the current owner of the
convertible bonds. The Volker Friedrichsen Beteiligungs-GmbH has also
announced that they will exercise the conversion right of these convertible
bonds into 7,667,272 shares upon completion of the transaction and will
then hold approximately 20 percent of the expected number of outstanding
PNE WIND AG shares.
PNE WIND AG plans to issue company bonds to the value of EUR 100 million to
finance the takeover and other activities.
PNE WIND AG and WKN AG have both been active in the project development of
wind farms for about 20 years and have conducted this business both in
Germany and internationally. The wind farm projects which are being
developed complement each other and synergies can be achieved through joint
purchasing and sales activities. While PNE WIND AG is active in Germany,
Hungary, Rumania, Bulgaria, Turkey, Great Britain, USA and Canada, WKNs
experts work on projects in Germany, France, Poland, Italy, USA, Sweden,
South Africa, Ukraine and Great Britain.
According to IFRS accounting rules, PNE WIND AG realised turnover of EUR
84.4 million, an operative result (EBIT) of EUR 20.4 million and a net
income of EUR 17.0 million in the financial year 2012. In comparison, WKN
AG realised a turnover of EUR 44.4 million, earnings before tax (EBT) of
EUR 9.1 million and a net income of EUR 6.6 million according to its annual
accounts audited in accordance with HGB (German Commercial Code).
Including the sales of project rights, WKN AG has realized wind projects
with more than 1,100 MW of nominal capacity - in comparison, PNE WIND AG
has realised approx. 820 MW. WKN is currently processing further national
and international projects totalling more than 1,700 MW. PNE WIND AG is
currently processing onshore projects with about 3,100 MW in Germany and
its foreign markets. Additionally, PNE WIND AG is active in the development
of offshore wind farms.
The contract is concluded subject to the approval of the governing bodies,
an audit by the cartel authorities and other conditions. A subsequent
increase in the WKN AG stake to over 80 percent by purchasing a further
stake from an industrial investor is possible (Mitveräußerungsrechts).
Contact:
Contact:
PNE WIND AG
Rainer Heinsohn
Head of Corporate Communication
Tel: +49(0) 47 21 - 7 18 - 453
Fax: +49(0) 47 21 - 7 18 - 373
E-mail: [email protected]
PNE WIND AG
Investor Relations
Scott McCollister
Tel: +49(0) 47 21 - 7 18 - 454
Fax: +49(0) 47 21 - 7 18 - 373
E-mail: [email protected]
Investor Relations
cometis AG
Ulrich Wiehle / Janis Fischer
Tel: +49(0) 611 - 205855-64
Fax: +49(0) 611 - 205855-66
E-mail: [email protected]
19.04.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: PNE WIND AG
Peter-Henlein-Straße 2-4
27472 Cuxhaven
Germany
Phone: 04721 / 718 - 06
Fax: 04721 / 718 - 200
E-mail: [email protected]
Internet: http://www.pnewind.com
ISIN: DE000A0JBPG2, DE000A0B9VG7, , DE000A1EMCW3, , DE000A0Z1MR2
WKN: A0JBPG, A0B9VG, , A1EMCW, , A0Z1MR
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service