Siemens AG sells energy business to Siemens Gamesa for Rs17.82bn

By MG News | October 14, 2024 at 09:43 AM GMT+05:00

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October 14, 2024 (MLN): Siemens AG’s Board of Directors has approved the sale of its Energy Business segment to Siemens Gamesa Renewable Energy (Private) Limited for Rs17.82 billion, the company's filing on PSX revealed today.

This move follows an in-principle decision made on March 10, 2023, with the final valuation on March 31, 2024.

The Energy Business, with a net book value of approximately Rs17.61bn, will be transferred as a going concern to Siemens Gamesa.

An independent fairness opinion provided by a global audit and consulting firm supported the decision, which was finalized in the Board's meeting on October 11, 2024.

The final amount to be received, along with any gain or loss from the sale, will be determined at the closure date, considering the net book value at that time and specific contractual provisions.

The completion of the transaction is pending necessary shareholder and regulatory approvals.

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