Masdar concludes TERNA ENERGY acquisition, aims for growth in Greece and Eastern Europe

Masdar, the UAE-based renewable energy giant, has successfully completed the acquisition of 70% of TERNA ENERGY's shares, a leading Greek renewable energy company, from GEK TERNA and other shareholders. The transaction was concluded at €20 per share, valuing TERNA ENERGY at an enterprise value of €3.2 billion, marking a significant transaction in the European renewable energy sector. Following this acquisition, Masdar will seek regulatory approval for a mandatory cash tender offer to acquire the remaining shares of TERNA ENERGY. The acquisition is part of Masdar's strategy to enhance its European portfolio to 100 GW by 2030 and support TERNA ENERGY's ambition to achieve an operational capacity of 6 GW in renewable energies by 2029. Moreover, this partnership underscores the shared commitment of both companies towards advancing the energy transition in Greece and Eastern Europe, leveraging Masdar's capital and expertise. The deal was advised by Rothschild & Co, Simmons & Simmons, Bernitsas Law, and Latham & Watkins on the side of Masdar, and Reed Smith LLP, Potamitis Vekris, and Morgan Stanley advising GEK TERNA. Masdar's CEO, Mohamed Jameel Al Ramahi, emphasized the importance of this acquisition in realizing Masdar's ambitious growth vision.