Denmark’s LM Group Holding has announced the completion of the sale by Doughty Hanson of its stakes in the blade maker LM Wind Power Holding to GE Global Holdings Denmark for an enterprise value of EUR 1.5 billion.
In connection with the completion, all of the shares in LM Wind Power Holding have been transferred to GE Global Holdings Denmark.
The deal in-sources wind turbine blade design and manufacturing for GE’s Renewable Energy business.
LM Wind Power has produced more than 195,000 blades since 1978, enabling 84GW of installed wind capacity.
The company also holds 669 patents covering 160 separate inventions and generates as many as 27 new patent applications annually. In June 2016, LM Wind Power unveiled the world’s longest blade at 88.4 meters long, built for Adwen’s 8MW offshore wind turbine.
“The deal gives us the ability to integrate blade design and production into our wind turbine business, allowing us to compete better in the fastest-growing segment of power generation,” Jérôme Pécresse, president and CEO of GE Renewable Energy.
“We plan to invest in the LM Wind Power business while integrating digital industrial capabilities to enhance LM Wind Power’s offerings. Together, we will become a growth engine for the company and the prototype business for the new digital industrial GE.”