GEK Terna and Masdar Ink €3.2 Billion Deal for Terna Energy
Deal News | Dec 03, 2024 | Reed Smith
GEK Terna has sold a majority stake in Terna Energy to Masdar for an impressive €3.2 billion. The transaction, which values Terna Energy's shares at €20 each, is marked as the largest energy transaction on the Athens Stock Exchange and a significant move within the EU renewables sector. Masdar's acquisition covers over 70% of Terna Energy shares from GEK Terna and other shareholders through bilateral agreements. Moving forward, Masdar intends to secure regulatory approval from the Hellenic Capital Markets Commission to execute a mandatory tender offer for the remaining shares. The intricate advisory roles in this landmark deal have been undertaken by Reed Smith, in collaboration with Potamitisvekris law firm in Athens.
Sectors
- Energy
- Renewable Energy
- Legal Advisory
Geography
- Greece – The transaction involves Terna Energy, a company based in Greece, and occurs on the Athens Stock Exchange.
- European Union – The deal is noted as one of the largest in the EU renewables sector, emphasizing its significance in the European Union.
Industry
- Energy – The article deals with Terna Energy, an energy company, indicating a clear focus on the energy sector.
- Renewable Energy – The transaction is highlighted as significant within the EU renewables industry, pinpointing its relevance to renewable energy sector advancements.
- Legal Advisory – Reed Smith and Potamitisvekris are involved as legal advisors, highlighting the legal advisory industry in the context of M&A transactions.
Financials
- €3.2 billion – The enterprise value of the transaction where Masdar acquired over 70% of Terna Energy.
- €20 per share – The price per share at which Terna Energy was valued in the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Terna Energy | Target company | Company | Terna Energy is the company being acquired in the transaction. |
| GEK Terna | Selling Company | Company | GEK Terna is the main shareholder selling its stake in Terna Energy. |
| Masdar | Bidding Company | Company | Masdar is the acquiring entity seeking to purchase shares in Terna Energy. |
| Reed Smith | Legal Advisor | Company | Reed Smith provided legal advisory services for the transaction. |
| Potamitisvekris | Legal Advisor | Company | Potamitisvekris, based in Athens, provided local legal support for the transaction. |