Turbine maker Nordex buys Acciona's wind power business

Reuters

BERLIN (Reuters) - German wind turbine maker Nordex (NDXG.DE) is buying the wind power business from Spain's Acciona SA (ANA.MC) for 785 million euros (£579.81 million) in cash and shares, it said late on Sunday.

Nordex said it would pay Acciona 366.4 million euros in a one-off cash payment and the rest by issuing 16.1 million new Nordex shares at an issue price of 26 euros per share. Its shares closed at 24.955 euros on Friday.

Nordex said it expected to complete the purchase, including the capital increase, by the first quarter of 2016.

Nordex, in which Germany's richest woman Susanne Klatten holds a 22.8 percent stake, has been boosted by a mix of cost cuts and a surge in demand for wind energy, one of the cheapest and most efficient renewable energy technologies.

(Reporting by Emma Thomasson; Editing by Jonathan Oatis)