PNE says it will pay about €93m ($119m) in cash for the stake.

Cuxhaven-based PNE in April announced the purchase of a 54% controlling stake in WKN, which will continue to operate under its existing brand.

The company in the first quarter had posted a loss in earnings before interest and taxes (Ebit) of €2.5m, but said sales are rising and it will continue to receive substantial payments from Dong Energy for last year’s sale of three offshore projects.

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