Terna Energy sale will not happen anytime soon

The possibility of an agreement regarding the sale of Terna Energy has been ruled out, at least for the near future, even though just a few months ago a deal with the Australian investment group First Sentier was considered almost certain. 

First Sentier, in fact, had proceeded to a round of consultations with all systemic banks, regarding securing the required financing. This should have progressed during the last months of 2023, which ultimately did not happen, and now, as all the signs indicate, the possibility of completing the agreement between the two sides is starting to recede. 

Market sources report that discussions are still ongoing, but they have lost steam and are not expected to be revived unless there is a significant change in the data to date. On the other hand, the side of GEK Terna seems to be continuing the negotiations for the sale of Terna Energy, this time with investment funds of Arab interests. 

Some market sources mentioned the sovereign wealth fund of Abu Dhabi, though the information has not been confirmed. What is clear is that GEK Terna will not discuss the sale of a minority stake, but only for a stake that exceeds the statutory majority of 33.3%, in order to activate the condition of the mandatory public offering and to compensate all the shareholders of Terna Energy from a possible agreement.