Suzlon Energy Limited announced that its subsidiary, AE - Rotor Holding BV based in the Netherlands, has entered into definitive agreements to acquire Hansen Transmissions International NV, based in Belgium, for 465 million euros, in an all-cash transaction. Hansen is one of the largest wind energy and industrial gearbox manufacturers in the world.

The transaction is subject to merger control approval and on completion will result in Suzlon acquiring shares of Eve Holding, the holding company of Hansen from private equity firms Allianz Capital Partners and its affiliates and funds advised by Apax Partners.

Suzlon intends to fund the transaction using a combination of Suzlon's internal cash reserves and credit facilities.

Hansen Transmissions was founded in 1923 and its primary manufacturing facilities are in Belgium, with sales, assembly and service centers in the UK, US, South Africa and Australia. It currently employs 1,200 staff. For the year ending March 2005, Hansen had total sales of 213 million euros.

Commenting on the transaction, Matts Lundgren, President and CEO of Hansen said: "The entire management team is very pleased with this opportunity. The deal has the ability to fuel further growth in Belgium and in Asia. We are appreciative of the trust and confidence shown by Suzlon on the management team's ability to grow the business."

The closing of the transaction is subject to customary closing conditions and regulatory approvals. Further financial terms and conditions of the transaction will not be disclosed.

Suzlon Energy Limited is a global wind turbine manufacturer with operations in Australia, China, the European Union, India, South Korea and the United States. Suzlon operates R&D centers in Germany, the Netherlands and India to leverage the region's leadership in the wind power arena. SEL is the world's sixth largest wind turbine manufacturer (BTM Consult World Market Update 2004) and has been the dominant player in the wind industry market in India for the past eight years.

Allianz Capital Partners GmbH (ACP), founded in 1998, is responsible for direct private equity investments within the Allianz Group. As an independent financial investor, ACP focuses particularly on providing individual financing solutions for unlisted companies, company shareholders and management teams for purposes of financing growth, acquisition finance and ownership restructuring.

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer, provided on the right.