Australians court Terna Energy
Australian investment group First Sentier is said to have obtained a clear lead in the race to acquire a majority stake in Athens-listed company Terna Energy.
The two sides have been in continuous discussions throughout the last three or four months, with talks expected to be concluded – positively or negatively – by November. The price per share is set at a level well above the current price on the stock exchange, with some analysts saying it is likely to exceed 22 euros, which if confirmed would translate into a valuation of the company at a level of more than 2.5 billion euros.
The details of the deal have not been clarified; however, it should be noted that whatever deal is made, it will provide for the filing of a public offer on the part of the investors. This is said to be one of the main conditions that the group’s management has put on the discussion table, in order for discussions to proceed, as the goal is to generate a financial benefit for all of Terna Energy’s investors, whether it is institutional portfolios or minority shareholders.
Rumors over a possible sale of a stake in the listed company started earlier this year, with the favorite being the Macquarie investment group, also from Australia. However, it seems that the amount of the price at which the company’s management would be willing to start negotiations did not agree with Macquarie’s pursuit, as a result of which there was no happy ending to the relevant talks.
Now, it is First Sentier in the lead, which is also the partner of parent company GEK Terna, in the scheme that is going to submit a proposal for the assumption of the new concession contract regarding the operation of the Attiki Odos highway.
First Sentier is an investment business that specializes in the infrastructure sector and has assets of €166 billion. The fact that the two sides are in active negotiations concerning Terna Energy may be an indication of further, strategic cooperation in the Greek market.
Today, GEK Terna controls 37.3% of its renewable energy sources subsidiary.
