Abu Dhabi’s Masdar buys out Terna Energy
Masdar Hellas has reached an agreement to initially purchase 67% of Terna Energy with GEK Terna and other shareholders of the Athens-listed energy company, GEK Terna announced on Thursday.
The price of the transaction amounts to 20 euros per share and the total value of the transaction to €3.2 billion. After the completion of the transaction, a mandatory public offer will be launched to acquire all the remaining shares of the company, with the aim of reaching 100%.
The transaction and the subsequent offer correspond to a total valuation of Terna Energy at €2.4 billion and an enterprise value of €3.2 billion , making it the largest energy transaction ever made on the Athens Stock Exchange and one of the largest in the European market of renewable energy sources, noted GEK Terna.
The buyer, Masdar Hellas, is a 100% indirect subsidiary of Abu Dhabi Future Energy Company PJSC – Masdar.
Masdar is a leader in the renewable energy sources (RES) market, developing and operating renewable energy and sustainable technology projects internationally. Of these, more than 20 gigawatts of renewable energy projects are already in operation, with a target of 100 GW by 2030.
The agreement is expected to provide significant capital investment in Greece and other European countries, supporting Terna Energy’s contribution to Greece’s National Energy and Climate Plan (NECP) and the European Union’s goal for zero emissions by 2050.
The proposed acquisition demonstrates the scale and ambition of Masdar’s development plans in the region and further cements its role as a trusted global energy transition partner for governments, investors, developers and communities around the world, acording to the announcement.
