Abu Dhabi Future Energy Company (Masdar), has successfully completed the acquisition of 70 percent of the outstanding shares of TERNA ENERGY SA (TENERGY.AT) from GEK TERNA SA (GEKTERNA.AT) and other shareholders and received all regulatory approvals.
The deal, agreed for 20 euros per share, valued TERNA ENERGY at an enterprise value of $3.3 billion (3.2 billion euros), representing the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry.
Following the closing of the transaction, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission (HCNC), for the launch of an all-cash mandatory tender offer (MTO) to acquire the outstanding shares of TERNA ENERGY.
Mohamed Jameel Al Ramahi CEO – Masdar
“Masdar is proud to become the majority shareholder of TERNA ENERGY, bringing together two energy champions. Our committed vision and long-term capital will unlock significant opportunities for further growth in TERNA ENERGY’s expansion as it executes its strategy to support Greece’s renewable energy goals. Masdar’s acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams. Our ambition is to establish TERNA ENERGY as one of our core regional platforms that will help us deliver on our ambitious targets. I look forward to working with Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, in support of the energy transition in Greece and Europe.”
Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, said: “Our agreement with Masdar is a reflection of TERNA ENERGY’s unparalleled leading role in the green energy transition in Greece as well as in southeastern Europe, a result of our consistent and tireless efforts over the last 25 years to create the largest and fastest growing clean energy platform in our country. Sharing the same vision with Masdar for clean, affordable, and domestically produced energy, we look forward to working together towards a future of endless growth possibilities for TERNA ENERGY”.
With TERNA ENERGY currently operating a capacity of 1.2 gigawatts (GW), the acquisition reflects Masdar’s confidence in the company’s impressive growth potential, targeting 6GW by 2029. TERNA ENERGY will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.
Masdar has retained Rothschild & Co. as the sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing.
GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were the international and Greek legal advisors for the transaction respectively, while Morgan Stanley has been acting as sole financial advisor to TERNA ENERGY.
