EU approves Siemens, Gamesa merger
The European Commission has given approval for the merger deal of Siemens Wind Power and Gamesa without any conditions.
In a joint statement, the companies stated that they have obtained antitrust approvals in all the required jurisdictions.
The two companies expect to close the deal in early April following the registration of the merged entity in the Vizcaya Companies Register.
As per the deal announced back in June last year, the two companies have agreed to merge their businesses, with Gamesa owing a 41% stake and Siemens owing a 59% stake in the new entity.
Both the companies have estimated that the merged company can have a turnover of about €11bn, with an order book worth of about €21bn and a capacity of 75GW.
The merger was approved by the Spanish securities market regulator, Comision Nacional Del Mercado De Valores (CNMV) back in last December.
Siemens Managing Board member Lisa Davis said: "We have reached a milestone in our path to merge Gamesa and Siemens Wind Power and create a leading global wind player.
“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.”
Gamesa executive chairman and CEO Ignacio Martín said: "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.
"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.”