Published on March 14th, 2017 | by Joshua S Hill0
Gamesa & Siemens Wind Power Merger Clears Antitrust Barrier
March 14th, 2017 by Joshua S Hill
The merger of Spanish wind energy giant Gamesa and Siemens’ Wind Power business has cleared another hurdle, as European authorities have given antitrust approval for the merger to proceed.
Antitrust approvals have been acquired for the merger in all required jurisdictions, and “all the conditions precedent for the merger have been satisfied,” a joint statement from the two companies revealed Monday. All that stands in the way of the successful merger are “pending closing actions,” and both companies are expecting the merger to be closed in early April.
“We have reached a milestone in our path to merge Gamesa and Siemens Wind Power and create a leading global wind player,” said Lisa Davis, member of the Managing Board of Siemens AG. “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.”
“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,” added Ignacio Martín, Executive Chairman and CEO of Gamesa. “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.”
The proposed merger was first announced almost a year ago, in June 2016. The merger will be between Gamesa, a Spanish-based wind turbine manufacturer, and the Wind Power business division of German manufacturing and electronics company Siemens. According to the most recent predictions provided by the companies, the resulting company will have an installed base of 75 gigawatts (GW), an order book of €20.9 ($22.27) billion, and revenue of €11 ($11.72) billion.
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