Shareholders of Spanish wind energy giant Gamesa have overwhelmingly voted in favor of a merger with Siemens Wind Power.
Announced back in June, if approved, the merger will see Gamesa merge with Siemens’ wind business, Siemens Wind Power, creating a separate global wind power company. On Wednesday, Gamesa held an Extraordinary General Meeting for its shareholders, who voted 99.75% in favor of merging with Siemens Wind Power.
According to Gamesa’s announcement, if the merger is completed, “Gamesa will absorb Siemens’s wind power assets in exchange for newly-issued shares in Gamesa.” Siemens would end up owning 59% of the new company, while Iberdrola will retain an 8% interest.
“Today’s meeting marks the start of a new era, one that will give Gamesa greater scale, thanks to the merger with Siemens WP, reinforcing it as a global leader in both the onshore and offshore segments,” explained Ignacio Martín, Executive Chairman of Gamesa, during his speech at the Meeting on Tuesday. Martín continued, adding that “the transaction is not just good for Gamesa, it opens up new horizons for all of our stakeholders. By combining these two highly complementary businesses we will achieve greater geographic reach, a broader portfolio of products, services and solutions and more robust financial solidity.”
With approval from Gamesa’s shareholders under its belt, the merger process will now move on to securing confirmation from the Spanish securities market regulator of an exemption for Siemens from having to launch a public takeover bid, and then obtain authorization from the anti-trust authorities.
From the information we had back in June, the potential new company would have a 69 GW installed base worldwide, an order backlog of approximately €20 billion, revenue of €9.3 billion, and an adjusted EBIT of €839 million. The company’s onshore headquarters will remain in Spain (where Gamesa was headquartered), while its offshore headquarters will reside in Hamburg, Germany, and Vejle, Denmark (where Siemens was headquartered). Together, the two companies bring a lot to the table — Siemens wind power business is known for its strong presence across North America and Northern Europe, while Gamesa is well-positioned in emerging markets, and in Southern Europe.
“As a leading wind power player especially in emerging markets, Gamesa is a perfect partner for us,” said Lisa Davis, member of the Managing Board of Siemens AG, back in June. “Teaming up will enable Siemens and Gamesa to offer a much broader range of products, services and solutions to meet customer requirements. The move will put Siemens and Gamesa in the best position to shape the industry for lower cost of renewable energy to the consumers.”
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