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Masdar and GEK TERNA Strike Landmark €3.2bn¹ Deal: UAE Renewables Champion to Acquire Greece's TERNA ENERGY
ABU DHABI, UAE and ATHENS, Greece, June 20, 2024 /CNW/ -- Abu Dhabi Future Energy Company PJSC – Masdar ("Masdar"), the UAE's clean energy leader, announced today that it has reached a definitive agreement with GEK TERNA SA (GEKTERNA.AT) and other shareholders of TERNA ENERGY SA (TENERGY.AT), with the intention to acquire initially 67% of the company's outstanding shares at 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%. The transaction and subsequent offer values TERNA ENERGY's total equity at 2.4bn euros6 with an enterprise value of 3.2bn euros, making it the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market. The deal is expected to provide significant capital investment in Greece and other European countries, supporting TERNA ENERGY's contribution to Greece's National Energy and Climate Plan (NECP) and the EU's net zero by 2050 target. The proposed acquisition demonstrates the scale and ambition of Masdar's growth plans in the region, and further solidifies Masdar's role as a trusted global energy transition partner to governments, investors, developers and communities across the globe. Background and reasons for the transaction Established in 1997, TERNA ENERGY is a leading European clean energy platform, with a track record of more than 25 years of delivering innovative and sustainable projects. The company specializes in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects. The company has recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, TERNA ENERGY is the largest investor in the renewables energy sector in Greece. The proposed acquisition is expected to play an important role in growing Masdar's portfolio in Europe as it targets 100GW global capacity by 2030. It also reflects Masdar's confidence in TERNA ENERGY's growth potential, as well as the strength of the Greek market and its renewables sector. The transaction is aligned with GEK TERA's strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe and will accelerate the Group's path to a new growth era. Demonstrating continuity in leadership, TERNA ENERGY's Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, will continue in their current roles following completion of the transaction and support Masdar in leading the company in its next phase of growth. HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented: Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, said: Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing. GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were the international and Greek legal advisors for the transaction respectively, while Morgan Stanley has been acting as sole financial advisor to TERNA ENERGY. For more information please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar References: 1 Refers to TERNA ENERGY enterprise value About Masdar Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year. About GEK TERNA Group GEK TERNA Group is one of the leading business Groups in Greece with a significant presence abroad. With approximately 8,000 employees worldwide, the Group holds a leading position in Greece in the fields of infrastructure, power generation, supply and trade, concessions and waste management. GEK TERNA (www.gekterna.com) is listed on the Athens Stock Exchange (FTSE / ATHEX Large Cap). About TERNA ENERGY TERNA ENERGY, a subsidiary of GEK TERNA Group, has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio of projects in Greece, with 2,500 MW in operation, under construction and ready for construction. TERNA Energy's installed capacity currently stands at 1,227 MW, while TERNA ENERGY is continuing seamlessly with its investment plan, aiming to approach a total installed capacity of 6GW by 2030. TERNA ENERGY (www.terna-energy.com) is listed on the Athens Stock Exchange. 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SOURCE Masdar; GEK TERNA SA ![]() |