WEG Electric Corp. and WEG Equipamentos Elétricos S.A. signed definitive agreement to acquire Utility Wind Assets from Northern Power Systems Corp. for $5.3 million.

WEG Electric Corp. and WEG Equipamentos Elétricos S.A. signed definitive agreement to acquire Utility Wind Assets from Northern Power Systems Corp. (TSX:NPS) for $5.3 million on October 26, 2016. The purchase price for the assets consists of $5.3 million and certain royalties of upto $17.5 million payable by WEG to Northern Power. All assets, including the related patent portfolio for utility wind greater than 1.5 mega watt and the engineering team largely responsible for developing this technology, become part of WEG. The engineering team will remain based in Vermont and will work alongside the Brazilian based wind engineering team to continue successful product development work. David Vander Haar of Jones Day acted as a legal advisor to WEG Electric Corp.