UAE's Masdar to Acquire Greece's Terna Energy in Major Renewable Energy Deal

Abu Dhabi-based renewable energy company Masdar announced on Thursday that it has agreed to acquire an initial 67% stake in Greece's Terna Energy.

The deal includes a mandatory offer to purchase the remaining shares, aiming for full ownership.

Masdar, in partnership with Greek conglomerate GEK Terna and other shareholders, will buy the 67% stake at €20 ($21.45) per share. This acquisition values Terna Energy at €2.4 billion in equity and €3.2 billion in enterprise value.

GEK Terna held a 37.93% stake in Terna Energy as of June 4. The transaction awaits regulatory approvals and conditions. Upon completion, Masdar plans to make an all-cash mandatory tender offer for the remaining shares of Terna Energy, with the goal of acquiring 100% ownership.

This acquisition is part of Masdar's strategy to expand its renewable energy capacity to 100 gigawatts by 2030, with growth efforts in Europe, Asia, the United States, and other regions. Masdar is jointly owned by TAQA (43%), Abu Dhabi sovereign wealth fund Mubadala (33%), and Abu Dhabi National Oil Company (24%).

Sultan Al Jaber, Masdar's chairman and president of the COP28 climate summit, stated that this investment underscores the UAE's commitment to advancing clean energy in Greece and Europe.

Financial and legal advisers for the deal included Rothschild & Co, Simmons & Simmons, Bernitsas Law, Latham & Watkins, Reed Smith, Potamitis Vekris, and Morgan Stanley.

Read more: Greece wind energy

(Source: Reuters)