Exclusive U.S.-Owned Wind Turbine Maker Senvion Cancels $780-Million Share Sale
Senvion, Germany’s third-largest wind turbine maker, cancelled its public listing on Wednesday due to market volatility. The Hamburg-based firm and its owners, private equity firms Centerbridge and Arpwood, had planned to list on the Frankfurt Stock Exchange on Friday. Shares with a value of up to €704 million ($780 million) were due to be sold, which would have made it Europe’s biggest public listing so far this year, according to Bloomberg. A listing at the top end of the price range would have valued the company, whose larger rivals are Siemens and Enercon, at €1.5 billion. “Against the background of recent market volatility, Senvion S.A. and its shareholders Centerbridge and Arpwood have decided not to pursue a private placement and listing of shares on the terms previously communicated,” Senvion said in a statement. Centerbridge, based in New York, bought Senvion last year for €1 billion from Indian wind turbine maker Suzlon. It subsequently sold a stake to Arpwood, a private equity firm based in India.
03/16/2016 - 02:55 PM