German wind turbine maker Nordex has agreed to buy Acciona Windpower in a cash and share deal worth €785 million.

Nordex said in early October that the move would create a "major player in the wind industry" with a global presence. The two firms have an "excellent market fit", it said in a statement.

Nordex believes that the deal will help it to reduce the impact of demand swings in individual markets to which it is currently exposed. It currently has a strong market position in Europe, while Acciona Windpower is well-positioned in the Americas and emerging markets.

In addition, Nordex products are particularly well-suited for complex projects subject to technical restrictions, while Acciona Windpower’s products are primarily aimed at large-scale wind farms that require efficient and sturdy machines for unconstrained terrains, it said in a statement.

Acciona said that combining Nordex and its wind power business, which designs and manufactures turbines, would give the resulting company an estimated order backlog of about 2.8 GW in 2015.