FOR EXTERNAL USE
Masdar Closes Deal to Acquire
TERNA ENERGY
Announces Goal to Supercharge
Growth in Greece and Eastern Europe
·
Masdar has
successfully completed the acquisition of 70% of the outstanding
shares of TERNA ENERGY to become majority shareholder of the Greek
clean energy champion
·
Following the
closing of the transaction, Masdar will seek regulatory approvals
for launch of an all-cash mandatory tender offer to acquire all the
remaining shares
·
Masdar will
bring long-term capital and global expertise to supercharge TERNA
ENERGY's growth plans as it targets 6GW of renewable energy
operational capacity by 2029, supporting the energy transition in
Greece and Eastern Europe
·
The acquisition
will play an important role in growing Masdar's portfolio in Europe
as it targets 100GW global capacity by 2030
ABU
DHABI, UAE & ATHENS, Greece - November 28, 2024
- Abu Dhabi Future Energy Company PJSC - Masdar
("Masdar"), the UAE's clean energy leader, announced
today that it has successfully completed the
acquisition of 70% of the outstanding shares of TERNA ENERGY SA
(TENERGY.AT) from GEK TERNA SA (GEKTERNA.AT) and other
shareholders, and received all regulatory approvals. The deal,
agreed at a price of 20 euros per share, valued TERNA ENERGY at an
enterprise value of 3.2bn euros, representing the largest ever
energy transaction on the Athens Stock Exchange, and one of the
largest in the EU renewables industry.
Following the closing of the
transaction, Masdar will seek regulatory approvals from the
Hellenic Capital Markets Commission (HCNC), for the launch of an
all-cash mandatory tender offer ("MTO") to acquire the outstanding
shares of TERNA ENERGY.
TERNA ENERGY has been a key player
in the renewable energy sector for over two decades, holding the
largest and most diversified portfolio in Greece, as well as
projects in Bulgaria and Poland. The company owns and operates
clean energy projects across wind, solar, biomass and hydro
technologies - Greece's renewable energy leader is also building
one of the largest pumped hydro projects in Europe, the 680MW
Amfilochia project. With TERNA ENERGY currently operating a
capacity of 1.2 gigawatts (GW), the acquisition reflects Masdar's
confidence in the company's impressive growth potential, targeting
6GW by 2029. TERNA ENERGY will play an important role in
enhancing Masdar's portfolio across Europe as it targets 100GW
global capacity by 2030 in support of the energy
transition.
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.
-ENDS-