Masdar and GEK TERNA Strike Landmark €3.2bn¹ Deal: UAE Renewables Champion to Acquire Greece's TERNA ENERGY

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Deal represents largest ever energy transaction on Athens Stock Exchange, and one of largest in EU renewables IndustryMasdar has signed a definitive agreement with GEK TERNA and other shareholders to acquire initially 67%2 of the outstanding shares of TERNA ENERGY at completion of the transaction at a price of 20.003 euros per share4The acquisition price5 represents an equity valuation of 2.4 billion euros and an enterprise value (EV) of 3.2bn eurosSubject to closing of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining shares of TERNA ENERGY with the intention of reaching 100%The deal will provide significant capital investment in Greece and other EU countries, unlocking renewable energy capacity and supporting the EU's net zero by 2050 goalsTERNA ENERGY is expected to play an important role in growing Masdar's portfolio across Europe as it targets 100 gigawatts (GW) global capacity by 2030 in support of the global energy transitionfacebook.com/masdar.ae and twitter.com/masdar 

References:

1 Refers to TERNA ENERGY enterprise value
2 Subject to regulatory approvals and other conditions precedent.
3 Subject to customary adjustments.
4 Overall return to TERNA ENERGY shareholders also includes an agreed dividend distribution of €0.38 per share
5 Subject to customary adjustments
6 Ibid.

About Masdar

Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

About GEK TERNA Group

GEK TERNA Group is one of the leading business Groups in Greece with a significant presence abroad. With approximately 8,000 employees worldwide, the Group holds a leading position in Greece in the fields of infrastructure, power generation, supply and trade, concessions and waste management. GEK TERNA (www.gekterna.com) is listed on the Athens Stock Exchange (FTSE / ATHEX Large Cap).

About TERNA ENERGY

TERNA ENERGY, a subsidiary of GEK TERNA Group, has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio of projects in Greece, with 2,500 MW in operation, under construction and ready for construction. TERNA Energy's installed capacity currently stands at 1,227 MW, while TERNA ENERGY is continuing seamlessly with its investment plan, aiming to approach a total installed capacity of 6GW by 2030. TERNA ENERGY (www.terna-energy.com) is listed on the Athens Stock Exchange.

Logo - https://mma.prnewswire.com/media/1973446/4743478/Masdar_Logo.jpg
Photo: https://mma.prnewswire.com/media/2443539/pumped_storage_TERNA_ENERGY.jpg
Photo: https://mma.prnewswire.com/media/2443540/Wind_farm_TERNA_ENERGY.jpg 

 

 

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