GCTAY - SSE nears deal to buy Siemens Gamesa wind farm unit - Reuters

April, 19 2022 01:01 PM Siemens Gamesa Renewable Energy SA ADR

SSE (OTCPK:SSEZY) is in advanced talks to buy Siemens Gamesa's (OTCPK:GCTAY) wind farm development unit, with a deal expected to be announced later this week, Reuters reported on Tuesday. Bidders originally were considering valuations of ~€300M ($323M) but the price tag grew during the process, according to the report, which was not able to provide the current level. The wind farm projects on sale reportedly will have the capacity to generate more than 3 GW of electricity in France, Greece, Italy and Spain. SSE (SSEZY) has pledged to invest £12.5B in clean energy projects to 2026, and has fended off calls from activist investor Elliott Management to spin off its renewables business. Siemens Gamesa (GCTAY), meanwhile, is looking to raise cash and protect its core turbine manufacturing business from the effects of soaring materials and logistics costs. Siemens Gamesa (GCTAY) shares have been sliding since a rotor and three blades

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SSE nears deal to buy Siemens Gamesa wind farm unit - Reuters

Company Name:	Siemens Gamesa Renewable Energy SA ADR
Stock Symbol:	GCTAY
Market:	OTC

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