Masdar, based in Abu Dhabi, has announced an agreement with GEK TERNA and other shareholders to acquire an initial 67% of TERNA ENERGY, subject to regulatory approvals.
After the deal’s completion, Masdar plans an all-cash tender offer for the remaining shares, aiming for full ownership.
The transaction values TERNA ENERGY’s equity at €2.4B ($2.6B) and its enterprise value at €3.2B ($3.4B), marking it the largest energy deal on the Athens Stock Exchange and among the largest in European renewables.
This acquisition will boost investment in Greece and Europe, supporting TERNA ENERGY’s role in Greece’s National Energy and Climate Plan and the EU’s net zero emissions goal by 2050.
Dr. Sultan bin Ahmed Al Jaber, Chairman of Masdar, emphasized this step in Masdar’s strategy to expand its clean energy portfolio to 100GW by 2030.
Mohamed Jameel Al Ramahi, CEO of Masdar, noted the investment will accelerate TERNA ENERGY’s growth and expand Masdar’s global footprint.
Georgios Peristeris, Chairman and CEO of GEK TERNA, highlighted the agreement as a new era of growth for the GEK TERNA Group, boosting confidence in Greece’s prospects.
Advisors for the transaction include Rothschild & Co., Simmons & Simmons, Bernitsas Law, and Latham & Watkins for Masdar, Reed Smith LLP, Potamitis Vekris, and Morgan Stanley for GEK TERNA Group and TERNA ENERGY.
