Spain – Germany – Portugal – Monday 23/12/2019 – The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control over certain assets belonging to Senvion GmbH of Germany by Siemens Gamesa Renewable Energy, S.A. (“SGRE”) of Spain.
The Senvion assets comprise a large part of Senvion’s onshore windfarm servicing business in the European Economic Area, all of Senvion’s intellectual property (IP) and Senvion’s wind turbine blades manufacturing facilities in Vagos and Oliveira de Frades (Portugal).
Senvion’s manufacturing business of wind turbines is not part of the transaction. Both Senvion and SGRE are wind turbine manufacturers of onshore and offshore wind turbines and offer related services, such as maintenance. Senvion is currently subject to insolvency proceedings in Germany.
The activities of SGRE and of the acquired Senvion assets mainly overlap in the provision of onshore wind turbine servicing. In addition, while no offshore service contract is transferred to SGRE as part of the transaction, the IP that SGRE will acquire could potentially have given the company an advantage in winning service contracts for Senvion’s offshore turbines.
During the procedure, to address this possible issue, SGRE offered commitments relating to offshore services. The Commission concluded that the proposed acquisition would raise no competition concerns because: (i) with respect to onshore services, SGRE will have a moderate market position post-transaction and a number of competitors able to offer comparable services will remain in the market, and (ii) with respect to offshore services, the advantage SGRE may gain for servicing Senvion’s turbines does not prevent owners of offshore Senvion turbines from servicing the Senvion turbines themselves or by some third parties that are already servicing Senvion’s offshore wind turbines following Senvion’s insolvency. For these reasons, the Commission concluded that the commitments relating to offshore services offered by SGRE are not necessary and ultimately cleared the transaction unconditionally. The operation was examined under the normal merger review procedure.
Points de repère
21/10/2019 – SGRE acquiert une grande partie des activités de Senvion dans les services onshore européens. L’installation de production de pales de Senvion au Portugal est également couverte par les termes de la transaction. La transaction a été approuvée à l’unanimité par le comité des créanciers de Senvion et signé aujourd’hui.