Gamesa share placement raises EUR 236 million

SPAIN: Gamesa has completed the placement of 25.4 million shares, raising EUR 236.1 million as it enters the offshore market.

Gamesa will partly use the funds to expand in emerging onshore markets
Gamesa will partly use the funds to expand in emerging onshore markets

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The company said that the money would support its first commercial foray into the offshore wind market through a joint venture with Areva. It is also planning to use the funds to aid its expansion into emerging onshore markets as it looks to compensate for the collapse of its home market in Spain.

Gamesa said it took the move "in an environment with additional growth to the one expected in the 2013-2015 business plan".

The company announced the share capital increase, which is equivalent to almost 10% of the current capital, last night following the approval of the board of directors.

The shares were sold at EUR 9.30, above the trailing three-month average share price, but at a discount of 4.7% to yesterday's close of EUR 9.76 per share.

The capital increase, in which Bank of America, Merrill Lynch and Citigroup acted as global coordinators and joint book runners, while Spain's BBVA acted as lead manager and agent bank, was open solely to "qualified and institutional investors".

Shares in the firm were 3.2% down in early trading on Tuesday.

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