Wind Turbine Blades

WFW advises PNE WIND AG on the acquisition of a majority shareholding in WKN AG

25 April 2013

EN | DE |

Watson, Farley & Williams (WFW), a leading international law firm, is pleased to announce that it has advised PNE WIND AG on the acquisition of a 54 per cent stake in WKN AG, Husum, from the majority shareholder Volker Friedrichsen Beteiligungs GmbH. The completion of the contract is still subject to customary closing conditions. The purchase price is based on an enterprise value of EUR93 million, paid by PNE WIND AG in cash and shares.

PNE WIND is based in Cuxhaven, Germany. It plans and develops onshore and offshore wind farm projects. So far the company has erected 97 wind farms with 563 wind turbines and a total capacity of 804 MW. The acquisition of WKN, a developer specialising in international wind farms, creates supply chain synergies and increases PNE’s overall footprint in Europe.

WFW advised PNE WIND on all aspects of this multi-jurisdictional transaction, including corporate and tax law, employment law, property law, public law, anti-trust law, capital market law and advising on finance-related matters.

The lead corporate partner Dr. Malte Jordan commented: “We have successfully advised PNE WIND AG on a number of deals in the past. The particular challenge of this transaction was the coordination of the various jurisdictions involved as well as a deal structure including a partial consideration in shares. We are delighted to have been able to apply international and inter-disciplinary expertise on this transaction, successfully supporting PNE WIND AG on its strategic move.”

The WFW team was led by Hamburg-based partner Dr. Malte Jordan (Corporate/Energy). He was supported by partners Gerrit Bartsch (Tax, Hamburg), Dr. Christian Ulrich Wolf (Corporate/Company Law, Hamburg), Michael-Alexander Rojnic (Real Estate, Hamburg), Dr. Stefan Kilgus (Project & Structured Finance, Hamburg), Dr. Nikolaus Krienke (Employment, Hamburg) and associates Dr. Manuel J. Rolfes, Tanja Mado, Dr. Conrad Seiferth, Dr. Ralf Hangebrauck, Dr. Malte Koch, Joachim Heinemann (all Corporate, Hamburg), Alexander Schroer, Silvia Ribeiro da Cunha Heimberg (both Real Estate, Hamburg), Thomas Meyerhans (Employment, Munich), Dr. Wichard von Hoff (Project & Structured Finance, Hamburg) and Dr. Christine Bader (Regulatory, Hamburg).

In Italy, partner Eugenio Tranchino (Corporate, Milan) and associates Tiziana Manenti, Rona Persichetti, Luca Sfrecola (all Corporate, Rome), Lorenzo D’Alessandro, Micaela Tinti and Marta Zilianti (all Corporate, Milan) advised on Italian law.

WFW Paris partner Vincent Trevisani (Corporate) and associates Florent Segalen, Evis Linfoot and Laurent Battoue (all Corporate) advised on French law.

WFW’s New York team, led by partner John Imhof (Corporate) and supported by associates Steven Hollander and Maxi Adamski (both Corporate) advised on US law matters.

The English law aspects were covered by London partner Gareth Phillips (Planning & Project Development, London) and associate James Rennard (Corporate, London).

Furthermore, WFW was supported by the Polish law firm Wardynski, the South African firm Werksmans, the Swedish office of MAQS and the Scottish firm Brodies on matters of local law.