HALISTER: Siemens, Gamesa Agree on Merger of Wind-Power Businesses

Siemens, Gamesa Agree on Merger of Wind-Power Businesses

(Bloomberg) -- Siemens to own 59% of Gamesa after deal, Gamesa shareholders to own 41% of company after deal
  • Gamesa shareholders to receive a cash payment of EU3.75 per share funded by Siemens
    • Cash payment represents 26% of Gamesa’s unaffected share price at market close on Jan. 28
  • Annual EBIT synergies of around €230 million expected
  • The combined company will have its legal domicile and global headquarters in Spain and will remain listed in Spain
    • Headquarters for the onshore division will be in Spain and for the offshore division will be in Germany and Denmark
  • Deal expected to close 1Q 2017
  • June 17: Gamesa Has Approval For Business Combination With Siemens Link
    • Siemens AG will pay about $1b of cash to Gamesa as part of a deal to combine the companies’ wind businesses, according to people familiar with the matter Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
SIE GR (Siemens AG)
GAM SM (Gamesa Corp Tecnologica SA)

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