Siemens, Gamesa Wrap Up Merger Process, Register New Company
The merger between Gamesa and Siemens Wind Power has become effective as of 3 April, after the registration of the combined company in the Mercantile Registry of Biscay, in Spain.
This was the last step required to close the transaction announced in June 2016, after fulfilment of all the conditions precedent and other closing actions, including the antitrust approval from the European Commission received in mid-March.
Siemens will own 59% of the share capital of the merged company, 8% will be held by Iberdrola, and the rest will be free-floating shares. Ignacio Martín, previously the Executive Chairman of Gamesa, will serve as CEO of the merged company.
The company – based in Zamudio, Spain – will keep trading on the Spanish stock market. The legal domicile and global headquarters of the merged company will be located in Spain. The onshore offices will be also in Spain, while the offshore headquarters will be located in Hamburg, Germany, and Vejle, Denmark.
This transaction creates a global leader in the wind power industry, Gamesa stated, with a presence in more than 90 countries, industrial footprint in key wind markets and an installed base of 75GW. The combined company has a EUR 21 billion backlog, pro forma revenues of EUR 11 billion and EUR 1.1 billion of adjusted EBIT in the fiscal year ended December 2016.
First Board of Directors meeting will be held on 4 April.