Tuesday, July 16, 2024
Today’s News

Masdar Agrees to Pay $3.43 Billion to Acquire “TERNA ENERGY” in Greece.

On Thursday, Abu Dhabi Future Energy Company (Masdar) declared that it had finalized an agreement with GEK TERNA and other TERNA ENERGY shareholders. Upon completion of the transaction, Masdar intends to purchase 67% of the company’s outstanding shares, contingent upon regulatory approvals and other requirements being met.

Once the transaction is completed, Masdar intends to acquire all the company’s outstanding shares through an all-cash mandatory tender offer to achieve 100% ownership.

With an enterprise value of 3.2 billion euros ($3.43 billion), the transaction and offer value TERNA ENERGY’s total equity at 2.4 billion euros ($2.57 billion) make it the largest energy transaction on the Athens Stock Exchange and among the largest in the European renewables market.

The agreement is anticipated to support TERNA ENERGY’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target by attracting large capital investments to Greece and other European nations. The proposed acquisition highlights Masdar’s scope and ambition for growth in the area and strengthens the company’s standing as a reliable global energy transition partner for communities, governments, investors, and developers worldwide.

This agreement highlights the prudent growth prospects of a responsible and systematic energy transition that promotes new businesses, employment opportunities, and low-carbon economic development.

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Tuesday, July 16, 2024

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