Siemens Wind Power and Gamesa merger gets clearance in Europe
Siemens Wind Power business's merger with Gamesa has secured unconditional clearance from the European competition authorities.
Antitrust approvals have been obtained in all required jurisdictions, and all the conditions precedent for the merger have been met.
Siemens and Gamesa expect to close the merger early April, after the registration of the merged entity in the Vizcaya Companies Register.
Siemens AG 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 CEO, executive chairman 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."
Martin further added "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."
The merger was approved by Gamesa's shareholders in October by a majority of 99.75%.
In December, Spain's securities market regulator (CNMV) confirmed the merger.
The transaction will create an entity with an installed base of 75GW, an order book of €20.9bn and revenue of €11bn, using pro forma data for the last twelve months as of December 2016.
The combined company will remain listed on the Spanish stock exchange.