The subsidiary plans to incorporate a company in Spain for the acquisition.
Sheffield Green unit, Wind Asia Training (WATPL) has entered into a non-binding memorandum of understanding (MoU) with Grupo Stier to acquire its training center business in Gran Canaria, Spain.
Grupo Stier operates a training center and maritime business, which includes providing protection and indemnity (P&I) insurance emergency assistance and ship agency solutions.
The acquisition is expected to complement Sheffield Green's provision of human resources and ancillary services in the renewable energy industry.
To undertake the potential acquisition, WATPL plans to incorporate a company under the laws of Spain, Sheffield (Spain). The business assets to be acquired are still under negotiation, subject to ongoing financial due diligence.
Meanwhile, both parties will enter into definitive agreements focusing on an asset purchase agreement or other relevant agreements in relation to the potential acquisition.
