Gamesa to sell units to 3i

Spain’s Corporación Tecnológica Gamesa and London-based private equity group 3i have concluded an agreement for 3i to purchase Gamesa Energía y Servicios (GES) and Siemsa Este. The company specialises in the construction and maintenance of wind farms and has a diversified business focusing on petrochemical automation, construction and maintenance.

The enterprise value of GES is approximately €170m. In 2005, the company had sales of €210m and Ebitda of €19m. The transaction is subject to approval from Spanish competition authorities.

Jorge Quemada, the 3i director who led the transaction and will sit on the board of GES, said: “We see this as a unique opportunity to consolidate GES as a leading independent service provider in the international renewable energy sector.”

On this transaction, 3i appointed 360 Corporate Finance as financial adviser, while KPMG conducted financial due diligence and ERM environmental due diligence. Legal adviser was Araoz y Rueda.