UAE Energy Company Abu Dhabi Future Energy Company PJSC – Masdar has announced that it has reached a definitive agreement to acquire Greece’s Terna Energy for €3.2 billion ($3.43 billion).
According to Masdar, it will initially acquire 67 per cent of the company’s outstanding shares at the completion of the transaction, subject to regulatory approvals and other conditions.
After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100 per cent, it was shared.
The transaction and subsequent offer values Terna Energy’s total equity at 2.4bn euros with an enterprise value of 3.2bn euros.
This is reportedly the largest-ever energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market.
HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, called the move a “major milestone” in Masdar’s strategy to expand its portfolio to 100GW of clean energy by 2030.
“As one of Europe’s biggest renewable energy transactions in 2024, this investment reflects the UAE’s clear commitment to Greece and Europe’s clean energy development and it represents another major practical step in realizing one of the central goals of the UAE Consensus, to triple global renewable energy capacity by 2030,” added HE Dr Al Jaber.
Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, said that the agreement marks the beginning “of a new era of even greater growth” for GEK TERNA Group.
“It is also a strong vote of confidence for Greece and its prospects. TERNA ENERGY is the leading RES investor in Greece and a key pillar of the national effort to transition to a future with cleaner and cheaper energy for all. A future with greater energy autonomy for our country, based on clean energy that will be produced in our homeland. And we will continue on the same course with even greater power,” said Peristeris.