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AMSC pulls out of The Switch acquisition

AMSC has terminated the acquisition of The Switch Engineering Oy due to “adverse market conditions”.

By Kari Williamson

AMSC's share purchase agreement with The Switch's shareholders from March was amended in June and has been now been terminated.

AMSC says the termination is “due to adverse market conditions for a financing required to fund the acquisition.”

The Switch shareholders will retain the €14.2 million advance payment that was made by AMSC in June as the break-up fee.

“While AMSC and The Switch have mutually agreed to terminate our acquisition agreement, we continue to see strong synergies between our two companies and expect to continue to work collaboratively on drivetrain solutions that increase wind turbine reliability and lower the cost of energy,” says AMSC President and Chief Executive Officer Daniel P. McGahn.

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