German manufacturer Nordex is to acquire Spanish company Acciona’s turbine business in a cash and shares deal worth around €785m.

The takeover will create what Nordex called “a new major player in the wind industry” that will reduce overall exposure to “demand swings in individual markets”.

Nordex will pay €366.4m in cash and 16.1m in new shares valued at €26 each for Acciona Windpower. As part of the deal main shareholder Skion/Momentum will also offload some of its Nordex shares to Acciona Energia, which will remain involved in wind farm ownership and operation.

Once the deal is complete Skion/Momentum will hold a 5.7% share in Nordex with Acciona controlling 29.9%. The Spanish company has agreed not to increase its voting position in Nordex above 30% for the next three years.

“Nordex and Acciona Windpower complement each other in a number of important areas,” said the German company.

“Nordex has a strong market position in Europe while Acciona Windpower is well-positioned in the Americas and emerging markets. Nordex products are particularly well-suited for complex projects subject to technical restrictions, while Acciona Windpower’s products are primarily aimed at large-scale wind farms that require efficient and sturdy machines for unconstrained terrains.”

Acciona produces 1.5MW and 3MW turbines for deployment across all wind classes. It has four production facilities located in the US, Brazil and Spain with another under construction in India.