Centerbridge's Senvion Plans Frankfurt Listing in 2016
German wind turbine maker Senvion plans to list on the Frankfurt stock exchange in the first half of the year, the company said on Monday, taking heart from strong demand for wind energy around the world.
Sources told Reuters in November that buyout firm Centerbridge, which bought Senvion in January last year, was preparing a listing with the help of JPMorgan and Deutsche Bank, potentially valuing the company at 1.5 billion euros ($1.65 billion).
"Senvion has regained momentum and strategic flexibility in the past year," Senvion Chief Executive Juergen Geissinger said in a statement on Monday.
"We believe that gaining access to the capital markets will support our growth path, increasing the global profile of Senvion as we expand into new markets," he added.
The news comes amid a wave of consolidation in the wind power industry in which German rival Nordex (NDX1.HA) took over Spanish firm Acciona's wind operations, while Siemens (SIEMENS.NS) and Spain's Gamesa are in talks about how to merge their wind units.
Senvion said on a pro-forma basis sales in 2015 reached 2.14 billion euros, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 154.1 million.
Listed European peers trade at an average EV/EBITDA ratio of 7.9 times, according to Thomson Reuters data, which would give Senvion an enterprise value of 1.22 billion euros.
(Reporting by Christoph Steitz)
