UAE clean energy leader Masdar announced that it has reached an agreement with Gek Terna to acquire its subsidiary Terna Energy, a leading European clean energy platform based out of Greece, for €3.2 billion.
Initially, the intention is to acquire 67% of the company's outstanding shares. Once this transaction is completed, Masdar will launch an all-cash mandatory tender offer to acquire the remaining outstanding shares of the company, taking it to 100%. This transaction values Terna's equity at €2.4 billion, and the enterprise value at €3.2 billion, making it one of the largest energy transactions in the European renewables market, and the largest on the Athens Stock Exchange.
This acquisition is anticipated to grow Masdar's portfolio significantly in Europe, supporting its goal of reaching 100 GW global capacity by 2030. It also shows Masdar's confidence in Terna's growth prospects, and in the strength of the Greek market and its renewable energy sector.
Speaking about this development, Chief Executive Officer of Masdar, Mohamed Jameel Al Ramahi, said, "We are injecting capital and global expertise to accelerate Terna Energy's expansion, supporting Greece's renewable energy ambitions and extending Masdar's global reach. As a leading European development platform, Terna Energy is expected to play an important role in Masdar's growing portfolio in Greece and Europe. We look forward to completing the transaction and starting to work with Terna Energy's leadership team to supercharge their ambitious growth plans in support of Greece's energy transition."
Meanwhile, Chairman and CEO of Gek Terna, and Executive Chairman of Terna Energy, Georgios Peristeris, said, "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. Terna Energy is the leading RES investor in Greece and a key pillar of the national effort to transition to a future with cleaner and cheaper energy for all. A future with greater energy autonomy for our country, based on clean energy that will be produced in our homeland. And we will continue on the same course with even greater power."
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