MUNICH, Feb 4 (Reuters) - Siemens is buying Iberdrola’s stake in Siemens Gamesa renewable energy , the German engineering company said, as it prepares to merge the business with its own energy unit ahead of a floatation later this year.
Siemens on Tuesday approved the purchase of Iberdrola’s 8.1% stake in SGRE, at a price of 20 euros ($22.08) per share.
Siemens will pay 1.1 billion euros and will transfer the shares its future Siemens Energy business, the company said. ($1 = 0.9058 euros) (Reporting by John Revill Editing by Edward Taylor)
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