With today’s registration of the combined company in the Mercantile Registry of Biscay in Spain, the big merger between Gamesa and Siemens Wind Power has officially been finalized.
According to the companies, the registration was the last step required to close the transaction, which the European Commission granted anti-trust approvals for in March.
At the start of last year, Gamesa confirmed via regulatory filing that it was in negotiations with Siemens. In June, the companies signed binding agreements to combine their respective businesses.
Now, the combined wind power giant has a presence in 90 countries and an installed base of 75 GW. It also boasts a EUR 21 billion backlog, pro forma revenues of EUR 11 billion, and EUR 1.1 billion of adjusted earnings before interest and taxes in the fiscal year ended December 2016.
The legal domicile and global headquarters of the merged company, as well as its onshore wind offices, will be located in Spain, where it is also trading on the stock market. The offshore headquarters will be located in Hamburg, Germany, and Vejle, Denmark.
Gamesa is absorbing Siemens’ wind power assets in exchange for newly issued shares in Gamesa. Siemens owns 59% of the share capital of the merged company, 8% is held by Iberdrola and the rest are free-floating shares. In addition, EUR 1.005 billion (EUR 3.601 per share) will be distributed as dividends to Gamesa shareholders.
The first board of directors meeting of the combined company will take place tomorrow, April 4, when the first decisions regarding the composition of the board, committees and top management are expected.
“With the new wind power company, we’ve created a global market leader in the area of renewable energies,” says Joe Kaeser, president and CEO of Siemens, in a press release.
Photo courtesy of Siemens: Siemens D3 wind turbines for the Les Gourlus wind farm in France