Announcement from Siemens and thyssenkrupp

Siemens Energy AG to acquire the power transmission business of thyssenkrupp

Essen, Germany – Siemens Energy AG, the global energy company, and thyssenkrupp AG, the German industrial conglomerate, today announced that they have entered into a definitive agreement for Siemens Energy to acquire the power transmission business of thyssenkrupp. The transaction is expected to close in the second half of calendar year 2023, subject to customary closing conditions and regulatory approvals.

The acquisition will create a global leader in the power transmission sector, with a comprehensive portfolio of products and solutions for the generation, transmission, and distribution of electricity.

The combined entity will have a strong presence in all major regions of the world and will be well-positioned to meet the growing demand for reliable and sustainable energy solutions. The acquisition is a significant step in Siemens Energy's strategy to become a leading global provider of smart infrastructure solutions for a decarbonized future.

"The acquisition of thyssenkrupp's power transmission business is a major milestone in our journey to become a leading global provider of smart infrastructure solutions," said Dr. Christian Bruch, CEO of Siemens Energy. "The combined entity will have a unique portfolio of products and solutions that will enable us to support our customers in the energy transition and meet the growing demand for reliable and sustainable energy solutions."

"We are delighted to have found a strong partner in Siemens Energy," said Martina Merz, CEO of thyssenkrupp. "The acquisition will allow us to focus on our core businesses and strengthen our position as a leading global supplier of materials and automotive technology."

The transaction is subject to customary closing conditions and regulatory approvals. Financial details of the transaction were not disclosed.