LAST UPDATE 09:59
Siemens Energy announced a proposal to acquire the existing shares of Siemens Gamesa Renewable Energy, for 4.06 billion euros or 18.05 euros per share.
Siemens Energy already owns 67% of Siemens Gamesa and stressed that it intends to fully integrate the wind turbine manufacturer, based in Spain.
Full integration would lead to synergies costing € 300 million a year over three years, and triple-digit (mid-level) revenue synergies by the end of the decade, Siemens Energy said.
After the completion of the transaction, Siemens Gamesa will be subscribed from the Spanish stock exchange in which it is trading.
“Assuming full acceptance of the offer, Siemens Energy intends to finance up to 2.5 billion euros of the proposal with equity or instruments such as equity. The rest of the transaction will be financed with debt as well as cash,” the company said in a statement. German energy company.
Siemens Gamesa stressed that the board of its directors will consider the terms and conditions of the offer.
According to Siemens Energy, the agreement is expected to be completed in the second half of 2022.
The CEO also stressed that Siemens Energy sees no signs of recovery in the wind turbine manufacturer Siemens Gamesa.
“There are still no clear signs of a short-term recovery in the current environment,” said Christian Bruch, CEO of Siemens Energy.
Through the proposal, Siemens Gamesa “will be supported by Siemens Energy’s proven climate reversal know-how,” the CEO added.
Source: Capital
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