Masdar completes Terna Energy acquisition
5 May 2025
Greece's Terna Energy has delisted from the Athens Stock Exchange (Athex) following the acquisition of 100% of its shares by UAE-based Abu Dhabi Future Energy Company (Masdar).
Masdar acquired 70% of Terna Energy from its parent GEK Terna and other shareholders in November last year, in a deal that gave the company an enterprise value of €3.2bn ($3.6bn).
An all-cash mandatory tender offer and squeeze-out process for the remaining 30% of the company, at €20 a share, was completed last month.
Masdar said in November that the transaction is the largest-ever energy transaction on Athex 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 and the EU's net zero by 2050 target.
It will also boost Masdar's target to develop a portfolio of 100GW of global renewable energy capacity by 2030.
"Bringing Terna Energy into the Masdar family strengthens our position in Greece and the wider region, enabling us to [expedite] the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets," said Sultan Al-Jaber, UAE Industry & Advanced Technology Minister, head of Abu Dhabi National Oil Company (Adnoc) and Masdar chairman.
"This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all."
Masdar has retained France's Rothschild & Co as sole financial adviser, and the UK's Simmons & Simmons, Greece's Bernitsas Law and the US-headquartered Latham & Watkins as legal advisers, in connection to the transaction and financing.
US firm Reed Smith and Greece's PotamitisVekris were GEK Terna's international and Greek legal advisers for the transaction, respectively, while US-based Morgan Stanley has been acting as sole financial adviser to Terna Energy.
According to Masdar, the delisting from Athex follows a productive first quarter for Terna Energy, which has seen the continuation of construction on projects in Greece and Bulgaria, including the Amphilochia pumped storage hydropower project, Masdar’s first such project in Europe.
The business has also reached final investment decisions on new solar, wind and battery projects with a combined capacity of 250MW. These plants are due to be operational within the next two years, Masdar said.
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