 "Suzlon to sell off German unit Senivon for $1 bn in all-cash deal")
Mumbai: Wind turbine manufacturer Suzlon has agreed to sell its German unit Senvion SE to Centerbridge Partners LP for 1 billion euros (72 billion rupees) in an all-cash deal, it said on Thursday.
The companies have signed a binding agreement, which also has a future earn out clause of an additional 50 million euros, they said in a statement.
Suzlon, which has been under pressure in the last few years from a slowdown in global turbine sales and its debt pile, had to restructure $1.8 billion debt after defaulting on a $200 million convertible bond redemption in 2012.
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