Siemens and Gamesa complete wind merger

Gamesa and Siemens Wind Power have completed their merger. The transaction, originally announced in June 2016, creates a giant new player with a presence in more than 90 countries, an […]

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By Jonny Bairstow

Gamesa and Siemens Wind Power have completed their merger.

The transaction, originally announced in June 2016, creates a giant new player with a presence in more than 90 countries, an industrial footprint in key wind markets and an installed capacity of 75GW.

The company, which is based in Zamudio, Spain, has a €21 billion (£17.91bn) order backlog.

It saw revenues of €11 billion (£9.38bn) and earnings before interest and taxes of €1.1 billion (£940m) in 2016.

Siemens will own 59% of the merged company’s share capital, 8% will be held by Iberdrola and the rest will be free floating shares.

Ignacio Martín, previously the Executive Chairman of Gamesa, will serve as CEO of the merged company.

The first Board of Directors meeting is due to take place tomorrow.