Portuguese utility to buy U.S wind power firm

Deal for Horizon Wind Energy valued at $2.15 billion

Associated Press - Updated: 1 hour, 48 minutes ago

LISBON, Portugal - Portuguese utility company EDP Energias de Portugal agreed to buy 100 percent of U.S wind power firm Horizon Wind Energy LLC, Portugal's financial markets regulator said Tuesday.

The transaction, expected to be completed by the end of the second quarter, values the equity of Horizon at $2.15 billion.

Horizon, a developer, owner and operator of wind power generation founded in 1999, was acquired by the Goldman Sachs Group in 2005 for less than $1 billion.

The total amount to be paid at the closing of the transaction will be adjusted for capital expenditures, which are estimated to amount to an additional $600 million, EDP said.

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