BOSTON — The offshore wind company that is developing multiple projects along the Eastern Seaboard has been acquired by a Danish competitor.

Ørsted has entered into an agreement with the D.E. Shaw Group to acquire a 100% equity interest in Rhode Island-based Deepwater Wind.

The $510 million deal was announced in a series of press releases on Monday.

Under the agreement, the two companies' offshore wind assets and organizations will be merged into what Ørsted calls a "leading U.S. offshore wind platform."

The agreement is subject to clearance by the U.S. competition authorities and is expected to be finalized by the end of 2018.

Upon finalization, the official name of the new partnership will be Ørsted US Offshore Wind.