The Switch will retain a €14.2m ($20.6m) advance payment that was made by AMSC on 29 June in order to extend the preliminary agreement between the two companies. The break-up fee will be recorded as an expense in AMSC's second fiscal quarter, which ended on September 30, 2011.
AMSC chief executive officer Daniel McGahn says “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.”
The
