UTC Gains Stake In Wind Turbine Firm For $271M

Law360, New York (December 11, 2009, 5:47 PM EST) -- Looking to move into the emerging wind power market, United Technologies Corp. has agreed to purchase a nearly 50 percent stake in Carpinteria, Calif.-based wind turbine maker Clipper Windpower PLC for about $271 million.

Hartford, Conn.-based UTC, which builds Pratt & Whitney jet engines and Sikorsky helicopters, said Wednesday it would acquire 49.5 percent of Clipper by purchasing a combination of 84.3 million new shares and 21.8 million shares from existing shareholders.

The deal has already been approved by both companies’ boards of directors, but shareholder...
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