Abu Dhabi: Masdar, the Abu Dhabi Future Energy Company PJSC, has announced the successful acquisition of 70 percent of the outstanding shares of TERNA ENERGY SA (TENERGY.AT) from GEK TERNA SA (GEKTERNA.AT) and other stakeholders, having secured all necessary regulatory approvals.
The transaction, priced at 20 euros per share, values TERNA ENERGY at an enterprise value of 3.2 billion euros, marking it as the largest energy deal in the history of the Athens Stock Exchange and one of the most significant in the European renewable energy sector.
Following the completion of this acquisition, Masdar plans to obtain regulatory approvals from the Hellenic Capital Markets Commission (HCNC) to initiate an all-cash mandatory tender offer (MTO) for the remaining shares of TERNA ENERGY.
For over twenty years, TERNA ENERGY has been a prominent player in the renewable energy landscape, boasting the largest and most diverse portfolio in Greece, along with projects in Bulgaria and Poland. The company is involved in various clean energy initiatives, including wind, solar, biomass, and hydro technologies, and is currently developing one of Europe's largest pumped hydro projects, the 680 megawatt (MW) Amfilochia project.
With an operational capacity of 1.2 gigawatts (GW), this acquisition underscores Masdar's belief in TERNA ENERGY's substantial growth potential, which aims to reach 6GW by 2029. TERNA ENERGY is set to enhance Masdar's portfolio across Europe as the company strives for a global capacity of 100GW by 2030, contributing to the energy transition.
Mohamed Jameel Al Ramahi, CEO of Masdar, stated: "We are honored to become the majority shareholder of TERNA ENERGY, uniting two leaders in the energy sector. Our dedicated vision and long-term investment will create significant opportunities for TERNA ENERGY's growth as it advances its strategy to meet Greece's renewable energy objectives."
Masdar's acquisition strategy emphasizes not only the procurement of assets but also the investment in outstanding teams. Our goal is to position TERNA ENERGY as a key regional platform that will enable us to achieve our ambitious objectives. I am eager to collaborate with Executive Chairman Georgios Peristeris and Chief Executive Officer Emmanuel Maragoudakis to advance the energy transition in Greece and Europe.
Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, stated: "Our partnership with Masdar underscores TERNA ENERGY's leading position in the green energy transition in Greece and southeastern Europe. This achievement is the culmination of our dedicated efforts over the past 25 years to develop the largest and fastest-growing clean energy platform in our nation. With a shared vision for clean, affordable, and locally produced energy, we are excited to work together towards a future filled with growth opportunities for TERNA ENERGY."
Masdar has engaged Rothschild & Co. as its exclusive financial advisor, along with Simmons & Simmons, Bernitsas Law, and Latham & Watkins serving as legal advisors for the transaction and financing.
The GEK TERNA Group received support from Reed Smith LLP and Potamitis Vekris, who acted as the international and Greek legal advisors for the transaction, while Morgan Stanley served as the sole financial advisor to TERNA ENERGY.
