Masdar Completes Largest Energy Deal On Athens Stock Exchange With TERNA ENERGY Buyout
Date
11/29/2024 2:10:19 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 29. Masdar, the
UAE's leading clean energy company, has finalized the acquisition
of a 70% stake in TERNA ENERGY SA from GEK TERNA SA and other
shareholders, marking a milestone as the largest energy transaction
ever recorded on the Athens stock exchange and one of the most
significant in the EU renewable energy sector, Trend reports via the
company.
The deal, valued at €3.2 billion at a price of €20 per share,
underscores Masdar's commitment to expanding its footprint across
Europe's clean energy landscape.
With regulatory approvals secured, Masdar is set to initiate a
mandatory tender offer (MTO) for the remaining shares of TERNA
ENERGY, pending authorization from Greece's Hellenic Capital
Markets Commission (HCNC).
TERNA ENERGY, a key player in renewable energy for over two
decades, holds Greece's most extensive and diversified clean energy
portfolio, with operations in wind, solar, biomass, and
hydroelectric projects. The company also has a presence in Bulgaria
and Poland and is developing the 680-megawatt (MW) Amfilochia
pumped hydro project, one of Europe's largest of its kind.
Currently operating 1.2 gigawatts (GW) of renewable capacity,
TERNA ENERGY aims to expand to 6GW by 2029. The acquisition
strengthens Masdar's strategic push to achieve 100GW of global
renewable capacity by 2030, reinforcing its role in the global
energy transition.
In facilitating the transaction, Masdar was advised by
Rothschild & Co. as the sole financial advisor, with legal counsel
provided by Simmons & Simmons, Bernitsas Law, and Latham &
Watkins.
GEK TERNA Group enlisted Reed Smith LLP and Potamitis Vekris for
international and Greek legal counsel, respectively, with Morgan
Stanley serving as the sole financial advisor to TERNA ENERGY.
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