Senvion enters into non-binding exclusivity agreement with Siemens Gamesa for the sale of selected Services and Onshore assets in Europe

Senvion Holding GmbH (IRSH) 
Senvion enters into non-binding exclusivity agreement with Siemens Gamesa 
for the sale of selected Services and Onshore assets in Europe 
 
16-Sep-2019 / 08:29 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*Senvion enters into non-binding exclusivity agreement with Siemens Gamesa 
for the sale of selected Services and Onshore assets in Europe* 
 
- *The envisaged transaction comprises the selected Services and Onshore 
assets in Europe* 
 
*- Creditor's committee unanimously approves entering into an exclusivity 
agreement with Siemens Gamesa* 
 
*Hamburg:* Senvion today announced that it has entered into an exclusivity 
agreement with Siemens Gamesa to pursue negotiations for the sale of 
selected Services and Onshore assets in Europe. The agreement was approved 
unanimously by Senvion's creditors' committee. The approval of the 
insolvency plans by the creditors' assembly on 11 September enabled this 
transaction. 
 
The parties are now entering final negotiations and, if final agreements are 
reached, expect that the necessary decisions will be taken by the end of 
September. 
 
The financial arrangements to secure ongoing business activities over the 
timeline to conclude on the offer continue to be in place. Wind turbine 
continuation projects are underway and will secure a majority of production 
jobs for the next months, with some going into 2020. For the remaining 
business areas, the company continues to explore further options and 
negotiations with investors. 
 
*Yves Rannou, CEO of Senvion,* said: 'Today's announcement means that we are 
close to finding a safe harbour for a significant part of the business and 
substantial parts of its employee base. In these difficult circumstances, 
these are positive news. Looking ahead to the weeks to come, the management 
team will continue to put all efforts behind finding the best solutions 
possible for the rest of the business.' 
 
*About Senvion:* 
Senvion is a leading global manufacturer of onshore and offshore wind 
turbines. The company develops, produces and markets wind turbines for 
almost any location - with rated outputs of 2 MW to 6.33 MW and rotor 
diameters of 82 metres to 152 metres. Furthermore, the company offers its 
customers project specific solutions in the areas of turnkey, service and 
maintenance, transport and installation, as well as foundation planning and 
construction. The Senvion systems are mainly designed in the major 
TechCenters in Osterrönfeld and Bangalore and manufactured at its German and 
Portuguese plants in Bremerhaven, Vagos and Oliveira de Frades as well as in 
Zory-Warszowice, Poland and Baramati, India. With approximately 3,500 
employees worldwide, the company makes use of the experience gained from the 
manufacture and installation of more than 8,200 wind turbines around the 
world. The company's operational subsidiary Senvion GmbH is based in Hamburg 
and represented by distribution partners, subsidiaries and participations in 
European markets such as France, Belgium, the Netherlands, the UK, Italy, 
Romania, Portugal, Spain, Sweden, and Poland as well as on a global level in 
the USA, China, Australia, Japan, India, Chile and Canada. 
 
*Vice President Capital Markets and Public Relations* 
Dhaval Vakil 
phone: [phone] 
mobile: [phone] 
email: [e-mail] 
 
ISIN:          XS1608040090, XS1608044753 
Category Code: MSCM 
TIDM:          IRSH 
Sequence No.:  20148 
EQS News ID:   873841 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

September 16, 2019 02:29 ET (06:29 GMT)