Mubasher TV
Contact Us Advertising   العربية

Siemens to pay $1.2bn for Iberdrola's stake in Siemens Gamesa

Siemens to pay $1.2bn for Iberdrola's stake in Siemens Gamesa

Mubasher: German multinational conglomerate Siemens has bought Spanish multinational electric utility company Iberdrola’s stake in Siemens Gamesa Renewable Energy (SGRE), Reuters reported on Tuesday.

The deal came in line with Siemens’ preparation for merging SGRE with its energy unit ahead of a floatation later in 2020.

Earlier today, Siemens approved the purchase of Iberdrola’s 8.1% stake in SGRE in consideration of EUR 20 ($22.08) per share, or EUR 1.1 billion ($1.2 billion).

Siemens Gamesa’s CEO Marcus Tacke said that his company is acting fast to manage risks on its projects around the world to avoid a repeat of the delays that dragged it to a loss at the beginning of 2020.

“We do not take this setback lightly. We are working on improving project execution,” Tacke stated.