Siemens Gamesa to analyze bid to acquire Siemens Energy

board of directors of Siemens Games Analyze Voluntary Takeover Bid (OPA) in cash of Siemens Energy On all those shares which are not yet held by him and forms a committee to oversee the same.

Notably, the said committee is made up of independent directors Gloria Hernandez, Francisco Bellil, Harald von Heinitz and Rudolf Kramer, as reported by Siemens Gamesa to the National Securities Markets Commission (CNMV).

The Board of Directors of Siemens Games will analyze the terms and conditions of the proposal, continuously monitor it and issue a report with its opinion and comments as required by law.

For these purposes, and in line with best practices of good corporate governance, the Board of Directors shall have legal and financial advisors in the framework of the proposal to best protect the interests of the Company and its shareholders.

Siemens Energy announced this weekend A voluntary cash takeover bid for all shares Siemens Gamesa Renewable Energy (SGRE) which is not yet owned, ie about 32.9% of them, with the intention of delisting it.

Thus, it would offer €18.05 per shareWhich represents a premium of 27.7% compared to the previous unaffected closing price of EUR 14.13 per share on May 17, 2022.

At current market prices, 100% of the Siemens Gamesa will be valued at some over 11,279 million Euro, so the 33% offer would be over €3,722 million.

Acquisition financing is entirely underwritten by Bank of America and JPMorgan and, assuming the offer is fully accepted, financing up to €2.5 billion of the value of the transaction with Siemens Energy equity or similar equipment intends to do so, while the remaining amount of operations will be financed with loans and available cash.

Siemens Energy highlighted that the transaction will support management’s efforts to address SGRE’s current challenges, help implement the measures needed to stabilize the business and unleash its full potential.

“In particular, SGRE will benefit from Siemens Energy’s increased involvement in day-to-day operations and its experience in transformation, particularly in areas such as production, supply chain, and project and customer management,” he said.