Danish wind turbine manufacturer Vestas has signed an agreement with Japan's Mitsubishi Heavy Industries (MHI) to acquire MHI’s 50% share in the MHI Vestas Offshore Wind (MVOW) turbine joint venture.

In return, MHI will buy a 2.5% stake in Vestas as part of a capital increase, and gain a seat on the OEM’s board of directors.

If approved by authorities, the transaction is expected to take place by the end of this year or in the first quarter of next year.