Abu Dhabi Future Energy Company PJSC, known as Masdar, has finalized a groundbreaking agreement to acquire a majority stake in TERNA ENERGY SA, Greece’s leading renewable energy firm. This €3.2 billion deal marks one of the largest transactions in Europe’s renewable energy sector and the largest ever on the Athens Stock Exchange.
Masdar will initially purchase 67% of TERNA ENERGY’s shares, valued at €20.002 per share, totaling an equity valuation of €2.4 billion and an enterprise value of €3.2 billion. Following regulatory approvals, Masdar plans an all-cash tender offer to acquire the remaining shares, aiming for full ownership.
TERNA ENERGY, founded in 1997, specializes in developing and operating renewable energy projects across Europe, focusing on wind, solar, hydroelectric, and pumped storage facilities. It plays a crucial role in Greece’s National Energy and Climate Plan and aims to expand its renewable energy capacity to 6GW by 2030.
Masdar’s strategic move aligns with its goal to reach 100GW of global clean energy capacity by 2030. This acquisition not only supports Greece’s energy transition goals but also bolsters Masdar’s presence in Europe’s renewable energy market.
Georgios Peristeris, Chairman of GEK TERNA and TERNA ENERGY, highlighted the agreement as a testament to TERNA ENERGY’s value and a catalyst for GEK TERNA Group’s growth ambitions. He emphasized the deal’s significance for Greece, reinforcing its path towards cleaner and more sustainable energy solutions.
Dr. Sultan Al Jaber, Chairman of Masdar, emphasized the UAE’s commitment to Greece and Europe’s renewable energy sectors. He underscored the deal’s role in advancing global energy transition goals, fostering economic development, and creating new opportunities in clean energy industries.
Masdar has enlisted Rothschild & Co. as financial advisor and legal support from Simmons & Simmons, Bernitsas Law, and Latham & Watkins for the transaction. GEK TERNA Group was advised by Reed Smith LLP and Potamitis Vekris, with Morgan Stanley serving as TERNA ENERGY’s financial advisor.
