Consolidation in the maturing wind farm industry continued apace this year with the merger of two of the sector’s top players, Basque wind turbine manufacturer Gamesa and Siemens Wind Power.
The game-changing EUR 6.2bn deal, which creates the world’s largest manufacturer of wind turbines, is one of the largest clean energy mergers in Europe in recent times. The new company will be listed on the Spanish stock exchange.
CMS’s Spanish office advised long-standing client Iberdrola, a major shareholder in Gamesa, on the transaction which sees Iberdrola retain an 8.1% stake in the new company. The multidisciplinary CMS team consisted of lawyers from our Energy, Corporate, Regulatory, Antitrust and M&A groups.
At CMS Madrid, César Albiñana and Luis Miguel de Dios led the deal. César Albiñana, CMS Spain Managing Partner, said, “It was very important for our client that Gamesa’s shareholders were protected in the new company structure and that the best corporate governance practices were implemented.
“The shareholder agreement guarantees board representation for Iberdrola and also allows our client to appoint two proprietary directors.”
The headquarters of the new company, its operating centre and the offices of its onshore wind division will be in Spain.
We are very happy to have contributed to the creation of the world’s largest manufacturer of wind turbines, of which Iberdrola will continue to be a prominent shareholder.
Ignacio Galán, Chairman of the Iberdrola Group
In March 2017 the European Commission gave approval to the deal on the basis that there is enough competition in both the onshore and offshore wind sectors to alleviate any regulatory concerns.
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