Linklaters advises Siemens with regard to its merger with Gamesa
Linklaters advised Siemens in relation to its merger with Gamesa. Finalised on 17 June 2016 after several months of negotiations, the purpose of the merger is to create the world’s largest producer of terrestrial and maritime wind turbines, with cumulative turnover of €9.3bn and an order book of approximately €20bn.
Siemens will own 59% of the new entity and transfer a cash payment of €3.75 per share to Gamesa shareholders – amounting to a total of over €1bn.
As part of this operation, Gamesa and Areva’s joint venture in offshore wind farming, Adwen (whose 8 MW wind turbines will stock, most notably, the three offshore wind farms attributed to Iberdrola and Engie in France), could be sold to a third party or entirely taken over by the new entity created as a result of the Siemens/Gamesa merger.
It was necessary to establish a multi-jurisdictional team based in Madrid (Alexander Kolb), Munich (Dr Timo Englehardt), Berlin and Paris to carry out this complex operation. The Linklaters team in Paris was led by François April and Paul Lignières, who are both associates in the projects department. They were supported by senior staff members Samuel Bordeleau and Fanny Mahler, and staff member Nathanaël Caillard, who completed the full legal audit of all aspects of the transaction pertaining to France. This included, in particular, issues involving Adwen and the three planned wind farms in French waters.
The Linklaters team in Paris is renowned for its experience in the energy sector and renewable energy in particular. It regularly works with investors, sponsors and banks on major operations in France in the field of offshore wind farming, among others. In the last five years alone, the Paris office has participated in acquisitions and sales of portfolios of operational projects in the renewable energy sector with a total installed capacity in excess of 3,000 MW. It has also been involved in numerous financing and refinancing initiatives of projects representing total capacity of over 1,100 MW.
As an active member of the SER, Linklaters was one of the first firms to establish a dedicated renewable energy working group within its international network.
For further information, please contact Aurore Schlumberger on (+33) 1 56 43 27 73.