Merger of Siemens and Gamesa receives antitrust clearance

13.03.2017
The merger of Siemens’ Wind Power business and Gamesa has today received unconditional clearance (graph: Gamesa and Siemens Wind Power)
The merger of Siemens’ Wind Power business and Gamesa has today received unconditional clearance. (Graphic: Gamesa and Siemens Wind Power)

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 %.

Volker Buddensiek

Similar Entries

Taiwan International Windpower Training Corporation and Siemens Gamesa Renewable Energy have signed a Letter of Intent to collaborate in establishing Global Wind Organization training center in Taichung. With this further step Siemens Gamesa expands its support to the offshore wind industry in Taiwan and the APAC region.

(pict.: Siemens Gamesa)

Siemens Gamesa Renewable Energy (SGRE) has secured a new order in India from ReNew Power, India’s largest renewable energy Independent Power Producer (IPP). The scope includes the supply of 270 units of the SG 2.1-122 wind turbines, with a total capacity of 567 MW, to two wind power facilities.

Siemens Gamesa will supply three onshore wind farms in Norway including 70 units of its Onshore OptimaFlex wind turbines. The SWT-DD-130 turbines will each feature a rated capacity of 4.2 MW and a 130 m diameter rotor. All turbines will be installed on steel towers with 125 meter hub heights. The project sites with 15, 18 and 37 units are located in the Bjerkreim and Ha municipalities – approximately 50 km south-east of Stavanger. A 25-year full service agreement with a yield based availability warranty secures the long term performance of the wind farms.

The innovative 28 MW offshore wind power project located in the waters of North-western Denmark is fully operational, producing power for customers Nissum Bredning Vindmøllelaug and Jysk Energi since early 2018. Utilizing the first serial-manufactured SWT-7.0-154 direct drive offshore wind turbines, the project is a showcase of Siemens Gamesa’s commitment to innovation and reducing costs. The turbines and further technological advancements have fulfilled expectations and are now in preparation to become available for commercial deployment.