United Technologies Corp. has reached agreement with the management and independent members of the board of directors of Clipper Windpower Plc (CWPL) on the terms of a cash offer by UTC to acquire all remaining shares of Clipper. Clipper is a California-based wind turbine manufacturer. UTC currently holds approximately 49.9% of the issued share capital of Clipper. The acquisition will be implemented by way of a court-approved scheme of arrangement under the UK Companies Act 2006, and remains subject to customary closing conditions and the approval of Clipper’s shareholders.
The acquisition, which is valued at 65 pence per share or 70 million pounds (about $112 million), would allow UTC to secure full control of Clipper, thereby creating the long term financial stability necessary for Clipper’s continued growth. The acquisition will enable Clipper to fully leverage UTC’s management and operational expertise as well as its world class technology in blades, turbines, and gearbox design. It also builds on UTC’s existing portfolio of energy efficient products and power generation systems that respond to the world’s growing demand for cleaner, more efficient products.