Masdar Acquires the Greek Energy Company GEK TERNA in a Remarkable €3.2 Billion Deal
/ABU DHABI, UAE & ATHENS, June 20, 2024, 11:30 BST, Masdar/ Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, has announced its definitive agreement with GEK TERNA SA (GEKTERNA.AT) and other shareholders of TERNA ENERGY SA (TENERGY.AT) to acquire 67% of the company’s outstanding shares initially. This is subject to regulatory approvals and other conditions. Upon completion of the initial acquisition, Masdar will launch an all-cash mandatory tender offer to acquire the remaining outstanding shares, aiming to reach 100% ownership.
The total equity of TERNA ENERGY is valued at 2.4 billion euros, with an enterprise value of 3.2 billion euros, making it the largest energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market.
The deal is anticipated to bring 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 EU’s net zero by 2050 target. The acquisition showcases Masdar’s growth plans in the region, cementing its role as a trusted global energy transition partner.
TERNA ENERGY, established in 1997, is a prominent European clean energy platform with over 25 years of experience in delivering sustainable projects. The company specializes in financing, developing, constructing, and operating renewable energy facilities, with a focus on wind, solar, hydroelectric, and pumped storage projects.
TERNA ENERGY's growth plan targets a renewable energy operational capacity of 6GW by 2030. The company is the largest investor in the renewable energy sector in Greece and possesses a strong portfolio of projects in Greece and Europe.
The proposed acquisition is expected to bolster Masdar’s portfolio in Europe as it aims for a 100GW global capacity by 2030. It reflects Masdar’s confidence in TERNA ENERGY's growth potential and the strength of the Greek market and its renewables sector.
This transaction aligns with GEK TERNA’s strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe, paving the way for a new era of growth for the Group.
Following the completion of the transaction, TERNA ENERGY’s Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, will continue in their current roles and support Masdar in leading the company in its next phase of growth.
Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing. GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were the international and Greek legal advisors for the transaction respectively, while Morgan Stanley has been acting as sole financial advisor to TERNA ENERGY.
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