Vestas Wind Systems — M&A Activity 2016

Jan 20, 2016

The acquisition strengthens Vestas' capabilities to service a broad range of
wind turbine technologies.

Aarhus, Denmark, 2016-01-20 17:21 CET (GLOBE NEWSWIRE) --

Vestas has today agreed to acquire Availon, a leading European independent
service provider headquartered in Rheine, Germany, with approx 400 employees
and a total capacity of more than 2.6 GW currently under service. Availon’s
core market is Germany, while the company also has notable service activities
in Austria, Italy, Portugal, Spain, Poland and the United States.

The transaction is subject to customary closing conditions, including approval
from relevant competition authorities. Closing is expected to take place in the
first quarter of 2016.

“Acquiring Availon is a natural next step in accelerating Vestas’ profitable
growth strategy in the service business. Size and scale matter and the
acquisition strengthens our capabilities to service most major turbine
technologies and to capture market shares. Availon is a solid strategic fit and
a great complement to our recent acquisition of UpWind Solutions in the United
States”, says Group Senior Vice President Christian Venderby, Vestas Global
Service.

“We are very pleased to welcome Availon and our new colleagues to the Vestas
organisation”, says Nils de Baar, President of Vestas Central Europe. “Germany
is our largest market in Europe, and Availon’s strong performance here and
elsewhere will expand our joint service portfolio and bolster our position as a
leading global service partner. I look forward to working with Availon’s highly
professional management team and to ensuring that we execute and expand our
combined order backlog”.

“Vestas and Availon share the same values in terms of safety, quality, customer
satisfaction and reaching the highest availability possible. Combining forces
will contribute to our jointly becoming the preferred fleetwide service partner
for a wider range of customers and turbine technologies. We look forward to
becoming part of such a passionate and forward-looking organisation”, says
Availon’s CEO Ulrich Schomakers.

The acquisition price for Availon is EUR 88.0 million on a debt and cash free
basis. The consideration will be paid in cash from readily available sources.
For 2015 Availon is on a stand-alone basis expected to report consolidated
revenues of EUR 59.8 million, normalised EBITDA of EUR 5.2 million and total
assets of approx EUR 33.3 million. Availon will be included in Vestas’
financials from the time of closing.

Contact details

Hans Martin Smith, Senior Vice President, Investor Relations
Vestas Wind Systems A/S, Denmark
Tel: +45 9730 8209

For more information, or to arrange an interview with Christian Venderby or
Nils De Baar, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526
Email: mizar@vestas.com