By Cecilia Butini
Siemens Energy AG said late Saturday that it has made an offer to buy all outstanding shares in Siemens Gamesa Renewable Energy SA for 4.06 billion euros ($4.29 billion), or EUR18.05 a share.
Siemens Energy already holds 67% of Siemens Gamesa, and said it intends to fully integrate the Spain-based wind turbine maker. Full integration would lead to cost synergies of about EUR300 million a year within three years, and to mid-triple-digit million euros in revenue synergies by the end of the decade, Siemens Energy said.
After the transaction, Siemens Gamesa would be delisted from the Spanish stock exchanges where it trades.
"Assuming a full acceptance of the offer, Siemens Energy intends to finance up to EUR2.5 billion of the transaction value with equity or equity like instruments. The remainder of the transaction would be financed with debt as well as cash on hand," the German energy company said.
Siemens Gamesa said its board of directors will review the terms and conditions of the bid.
According to Siemens Energy, the transaction is expected to close in the second half of 2022.
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