United Technologies to acquire Clipper Windpower

US technology conglomerate United Technologies (UTC) has reached an agreement to acquire wind turbine manufacturer Clipper Windpower in cash.

UTC currently holds approximately 49.9 per cent of the issued share capital of Clipper.

The acquisition, which is valued at £0.65 per share, or £70m, would allow UTC to secure full control 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.