China Ming Yang Wind Power Group Limited (Ming Yang) has announced that it has acquired a 99% stake in China Smart Electric Group Limited (China Smart), a Cayman Islands company.
China Smart owns all of the equity interest in Wise Renergy Holdings Limited, a Hong Kong company, which in turn owns all of the equity interests in mainland China-based subsidiaries, Tianjin REnergy Electrical Co., Ltd. and Tianjin Ruiyuan Electrical Co., Ltd. (all such Renergy entities are collectively referred to as RENergy). The closing of the acquisition of the 99% interest in China Smart is expected to occur on or about May 20, 2015. Ming Yang expects to acquire the remaining 1% stake in RENergy in the near future. RENergy is engaged in the manufacture, sale, research and development of electrical system equipment. It is a supplier of core components for wind turbine generators, including components such as main control systems, pitch control systems and converters. The acquisition is expected to create significant synergies between Ming Yang and RENergy. Upon completion of the acquisition, Ming Yang will integrate RENergy's patented electrical control system technologies into Ming Yang's existing product offerings.
