The merger of Siemens’ Wind Power business and Gamesa has today received unconditional clearance from the European competition authorities. Antitrust approvals have now been obtained in all required jurisdictions, and all the conditions precedent for the merger have been satisfied.
Subject to pending closing actions, Siemens and Gamesa expect to close the merger early in April, after the registration of the merged entity in the Vizcaya Companies Register. The new entity will have a worldwide installed capacity of 75 GW wind power. Siemens shall hold 59 % of the shares, Iberdrola 8 %, while 33 % will be free float.
“We have reached a milestone in our path to merge Gamesa and Siemens Wind Power and create a leading global wind player. This merger is designed to combine the complementary strengths of both companies to benefit our customers, shareholders, employees, and suppliers. I’m excited about bringing the new company to the market very soon,” said Lisa Davis, member of the Managing Board of Siemens AG.
"An historic moment for both Gamesa and Siemens Wind Power"
"We’re very pleased to have received unconditional approval from the European Commission. This is an historic moment for both Gamesa and Siemens Wind Power,” said Ignacio Martín, Executive Chairman and CEO of Gamesa who will be the CEO of the merged company. "This approval brings us one step closer to turning our vision of creating a global leader into reality and forming a company with presence in all the important wind markets,” Martín added.
The registered office and the global headquarters will be in Zamudio (Spain). The onshore business's corporate offices will be located in Spain. Offshore business's corporate offices will be based in Germany and Denmark. The joint management team of the merged company will take office after being appointed at the first meeting of the new company board.
Strongly endorsed from the beginning, the merger was approved by Gamesa's shareholders in October by a majority of 99.75%. In December, Spain's securities market regulator (CNMV) confirmed the merger. The new company will become one of the Ibex 35 largest industrial group at the Spanish stock exchange.
The transaction will create a global wind leader with an an order book of € 20.9 billion and revenue of € 11 billion, using pro forma data for the last twelve months as of December 2016. Adjusted pro forma EBIT totals € 1.06 billion and implies a margin of 9.6 %.
Wind Power |
News published on 15/03/2017 by Rashmi Nargundkar