Gamesa’s shareholders representing 99.75% of the company’s share capital ratified the merger with Siemens Wind Power during an Extraordinary General Meeting held in Zamudio, Spain, on 25 October.
Through this transaction, Gamesa will absorb Siemens’s wind power assets in exchange for newly-issued shares in Gamesa. Siemens will own 59% of the new company, while Iberdrola will retain an 8% interest.
The company’s shareholders also approved the distribution of a special cash dividend of EUR 3.591 per share to be paid out by Gamesa after the merger closes.
Ignacio Martín, Executive Chairman of Gamesa, said that the enlarged firm would boast installed worldwide capacity of close to 70 GW, an orderbook valued at EUR 21 billion, revenue of around EUR 10 billion, adjusted EBIT of EUR 915 million, and roughly 22,000 employees globally.
“Today’s meeting marks the start of a new era, one that will give Gamesa greater scale, thanks to the merger with Siemens WP, reinforcing it as a global leader in both the onshore and offshore segments,” Martín said.
”The transaction is not just good for Gamesa, it opens up new horizons for all of our stakeholders. By combining these two highly complementary businesses we will achieve greater geographic reach, a broader portfolio of products, services and solutions and more robust financial solidity.”
Now that the transaction has been approved by Gamesa’s shareholders, the next steps are to secure confirmation from the Spanish securities market regulator (the CNMV) of Siemens’s exemption from having to launch a public takeover bid and then obtain authorisation from the anti-trust authorities.
The new Gamesa’s registered office will remain in Zamudio and the company’s shares will continue to be traded in Spain.