Vestas will take full control of its venture with Mitsubishi Heavy Industries, integrating the company. Credit: Vestas.

The European Commission has approved Danish company Vestas’ acquisition of stakes from its joint venture with Mitsubishi Heave Industries (MHI), valued at $827m (€709m).

Under the agreement, Vestas has agreed to acquire MHI’s stake in the MHI Vestas Offshore Wind (MVOW) joint venture. At the same time, MHI will acquire 2.5% in Vestas, taking a seat in the latter’s board of directors.

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Vestas Group president and CEO Henrik Andersen said: “With today’s approval of the transaction we are excited to move one step closer towards welcoming offshore back into the Vestas family.

“I’m personally very encouraged by the many dialogues I’ve had with both Vestas and MHI Vestas Offshore Wind colleagues, as well as our customers and partners since we announced the strengthened partnership with Mitsubishi Heavy Industries.

“It’s clear that everyone is excited about our bold step together towards accelerating the energy transition.”

With the approval from the Commission, the transaction between the two companies becomes subject to regulatory approvals from competition authorities.

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Vestas agreed to the deal to acquire MHI’s complete stake last month. The transaction is based on the volume-weighted average of the price for shares in Vestas the last five days up to and including 28th October.

Since the deal was announced, Vestas has started integrating MVOW into its group. A spokesperson said it has focused on smooth integration of employees and systems, and realising synergies in sales, technology, manufacturing footprint. Upon completion of the deal, Vestas will commence full integration process.

Completion of the deal is expected to take place by the end of this year.