Abu Dhabi Future Energy Company (Masdar) has announced a definitive agreement with GEK TERNA SA and other shareholders of TERNA ENERGY SA, to initially acquire 67% of the company’s outstanding shares. This acquisition is subject to regulatory approvals and other conditions. Following the completion of the transaction, Masdar plans to launch an all-cash mandatory tender offer to acquire the remaining outstanding shares, with the goal of achieving 100% ownership.
The transaction and subsequent offer value TERNA ENERGY’s total equity at €2.4 billion, with an enterprise value of €3.2 billion. This makes it the largest energy transaction ever recorded on the Athens Stock Exchange and one of the most significant in the European renewables market.
This strategic acquisition is expected to bring substantial capital investment to Greece and other European countries. It aims to support TERNA ENERGY’s contributions to Greece’s National Energy and Climate Plan (NECP) and the European Union’s goal of achieving net zero emissions by 2050.
The proposed acquisition underscores Masdar’s ambitious growth plans in the region and cements its position as a trusted global partner in the energy transition sector. Masdar continues to play a pivotal role in partnering with governments, investors, developers, and communities worldwide to promote cleaner and more sustainable energy solutions.
TERNA ENERGY, a leading renewable energy source (RES) investor in Greece, plays a crucial role in the nation’s efforts to transition to a future of cleaner and more affordable energy. The company’s focus on clean energy production within Greece aims to enhance the country’s energy autonomy and sustainability.
Masdar has engaged Rothschild & Co. as its sole financial advisor for the transaction, with legal advisory support from Simmons & Simmons, Bernitsas Law, and Latham & Watkins. GEK TERNA Group has been supported by Reed Smith LLP and Potamitis Vekris as international and Greek legal advisors, respectively. Morgan Stanley has served as the sole financial advisor to TERNA ENERGY.
This landmark deal highlights Masdar’s commitment to expanding its renewable energy portfolio and supporting global efforts towards a sustainable energy future. For more detailed updates and further information, stakeholders are encouraged to follow the ongoing announcements from Masdar and TERNA ENERGY.