German engineering company Siemens has signed binding agreements to merge its windpower business and services with Spanish manufacturing company Gamesa.

Siemens will receive newly issued shares of the combined company and will hold 59% of the share capital, while Gamesa’s existing shareholders will hold 41%.

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President and CEO of Siemens Joe Kaeser said: "With this business combination, we can provide even greater opportunities to customers and value to the shareholders of the new company.

"The combined business will fit into our Siemens Vision 2020 and underlines our commitment to affordable, reliable, and sustainable energy supply."

"The newly formed company is expected to have a 69GW installed base across the globe."

The company will fund a cash payment of €3.75 for each share, which will be distributed to Gamesa’s shareholders immediately after completion of the merger.

Gamesa has also entered into contractual agreements with French nuclear power and renewable energy company Areva to waive off existing contractual restrictions between the two companies’ offshore wind joint venture Adwen, simplifying the merger with Siemens.

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With its global headquarters in Spain, the newly formed company is expected to have a 69GW installed base across the globe, an order backlog of nearly €20bn, revenue of €9.3bn, and an adjusted earnings before interest and taxes (EBIT) of €839m on a pro-forma basis (last twelve months as of March 2016).

The transaction is expected to close in the Q1 of next year.