Masdar Completes Acquisition of Majority Stake in TERNA ENERGY
Deal News | Nov 28, 2024 | PR Newswire Cision Masdar
Masdar, Abu Dhabi's renowned clean energy company, has successfully acquired a 70% stake in Greece's TERNA ENERGY from GEK TERNA and other shareholders, valuing the company at €3.2 billion—the largest renewable energy deal in the EU. This acquisition marks a pivotal expansion of Masdar's operations in Greece and Eastern Europe, aligning with its ambitious goal of reaching 100 GW of global capacity by 2030. Masdar intends to initiate a mandatory public tender to purchase the remaining shares of TERNA ENERGY, subject to regulatory approval. With a current operational capacity of 1.2 GW, TERNA ENERGY plans to expand to 6 GW by 2029, supporting the energy transition efforts in Greece. The strategic acquisition signifies a strong partnership intended to advance renewable energy initiatives and Masdar's commitment to sustainable growth in the region.
Sectors
- Renewable Energy
- Investment & Acquisition
Geography
- Greece – Greece is the home country of TERNA ENERGY, the target company acquired by Masdar.
- United Arab Emirates – UAE is where Masdar, the acquiring firm, is based.
- Eastern Europe – The article references the expansion strategy of Masdar in Eastern Europe facilitated by the acquisition of TERNA ENERGY.
Industry
- Renewable Energy – The article is centered around the acquisition of TERNA ENERGY by Masdar, both of which operate in the renewable energy sector focusing on wind, solar, biomass, and hydroelectric power.
- Investment & Acquisition – The article discusses the acquisition of a majority stake in TERNA ENERGY by Masdar, involving significant financial transactions and strategic investment decisions.
Financials
- 20 euros per share – Price per share at which TERNA ENERGY was acquired by Masdar.
- 3.2 billion euros – Enterprise value of TERNA ENERGY as part of the acquisition deal.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Masdar | Acquiring Company | Company | Masdar is a leading clean energy company based in Abu Dhabi, UAE, focused on renewable energy projects worldwide. |
| TERNA ENERGY SA | Target Company | Company | TERNA ENERGY is a major renewable energy company in Greece with a diversified portfolio in wind, solar, biomass, and hydroelectric projects. |
| GEK TERNA SA | Vendor | Company | GEK TERNA SA is a Greek construction and energy group that previously held a major stake in TERNA ENERGY. |
| Rothschild & Co. | Financial Advisor | Company | Rothschild & Co. is providing exclusive financial advisory services to Masdar for this acquisition. |
| Simmons & Simmons, Bernitsas Law, Latham & Watkins | Legal Advisors | Company | These firms are serving as legal advisors to Masdar in the acquisition of TERNA ENERGY. |
| Reed Smith LLP, Potamitis Vekris | Legal Advisors | Company | These firms provided international and Greek legal advice to GEK TERNA for the transaction. |
| Morgan Stanley | Financial Advisor | Company | Acting as the exclusive financial advisor to TERNA ENERGY in this transaction. |