Abu Dhabi Future Energy Company (Masdar) has reached a definitive agreement to acquire Greece’s Terna Energy.
Masdar is initially set to acquire 67% of the company’s shares and later launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company to reach 100%.
The transaction valued Terna Energy’s total equity at 2.4 billion euros with an enterprise value of 3.2 billion euros, making it the largest-ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.
“Today marks a major milestone in Masdar’s strategy to expand its portfolio to 100GW of clean energy by 2030 and it will make a substantial contribution to the renewable energy capacity of Greece,” said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President.
Georgios Peristeris, Chairman and CEO of GEK Terna, and Executive Chairman of Terna Energy, added, “Our agreement with Masdar is a recognition of the great value of TERNA ENERGY and the result of the hard work of hundreds of people for more than 25 years. At the same time, it marks the beginning of a new era of even greater growth for GEK TERNA Group. It is also a strong vote of confidence for Greece and its prospects.”
The deal is expected to provide significant capital investment in Greece and other European countries, supporting the European Union’s goal to reach net zero by 2050.
