Germany’s Siemens Energy has finalised the planned cash tender offer for the close-to-a-third of wind turbine manufacturer Siemens Gamesa it didn’t already own, and is now pursuing the delisting of the OEM from the Spanish stock exchange.

The acceptance rate among minority shareholders – who had been offered €18.05 ($19.16) per Siemens Gamesa shares – was 77.88%. As a result, Siemens Energy will boost its stake in Siemens Gamesa to 92.72%.

By taking full control of Siemens Gamesa, the parent company aims to be able to simplify processes and fully focus on the turnaround of the loss-0making OEM, Siemens Energy said.

“The integration of Siemens Gamesa is an important milestone in our strategy to accompany our customers in the energy transition,” said Siemens Energy chief executive Christian Bruch, who last month was also appointed as non-executive chairman of the wind turbine maker.

“The path from a fossil to a more sustainable energy world is only possible with a strong and profitable wind power industry.”

The transaction is expected to generate annual cost synergies of up to €300m within three years after full integration. Siemens Energy also expects revenue synergies in the mid three-digit million-euro range by the end of the decade.

Siemens Gamesa in November had posted €940m in net loss for its fiscal year 2022 that ended in September, amid persisting supply chain disruptions, heightened by geopolitical tensions and additional waves of Covid-19, as well as upward pressure on the price of materials and shipping.

In accordance with Spanish stock exchange law, a delisting of a public corporation requires at least 75% of the capital stock in a voluntary takeover bid; a simple majority is then required for the formal resolution at an extraordinary general meeting, to which Siemens Gamesa will invite shortly.

As Siemens Energy continues to pursue its objective to acquire 100% of Siemens Gamesa shares, investors following the invitation to the extraordinary general meeting will have the opportunity to tender their shares to Siemens Energy at the offer price of €18.05 per share for a minimum period of one month.