The UAE’s clean energy leader has announced the successful completion of its acquisition of a 70% stake in TERNA ENERGY SA, purchasing the shares from GEK TERNA SA and other shareholders. The deal, valued at €20 per share, was finalized following the receipt of all necessary regulatory approvals.
The transaction, which values TERNA ENERGY at an enterprise worth €3.2 billion, marks the largest energy deal in the Athens Stock Exchange. It also ranks among the largest transactions in the EU’s renewable energy sector.
Following the transaction closure, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission (HCNC), to launch an all-cash mandatory tender offer (MTO) to acquire the outstanding shares of TERNA ENERGY.
With TERNA ENERGY currently operating 1.2 gigawatts (GW) of capacity, the acquisition marks Masdar’s confidence in the company’s strong growth prospects, with a target of reaching 6GW by 2029.
The acquisition also strengthens TERNA ENERGY’s role in expanding Masdar’s portfolio across Europe, as the company aims for a global capacity of 100 GW by 2030 to support the ongoing energy transition.
“Masdar’s acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams. Our ambition is to establish TERNA ENERGY as one of our core regional platforms that will help us deliver on our ambitious targets. I look forward to working with Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, in support of the energy transition in Greece and Europe,” Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented.
“Our agreement with Masdar is a reflection of TERNA ENERGY’s unparalleled leading role in the green energy transition in Greece as well as in southeastern Europe, a result of our consistent and tireless efforts over the last 25 years to create the largest and fastest-growing clean energy platform in our country, ” Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, said.
Masdar has appointed Rothschild & Co. as its exclusive financial advisor, while Simmons & Simmons, Bernitsas Law, and Latham & Watkins are serving as its legal advisors for the transaction and financing.
