BAKU, Azerbaijan, November 29. Masdar, the UAE's leading clean energy company, has finalized the acquisition of a 70% stake in TERNA ENERGY SA from GEK TERNA SA and other shareholders, marking a milestone as the largest energy transaction ever recorded on the Athens Stock Exchange and one of the most significant in the EU renewable energy sector, Trend reports via the company.
The deal, valued at €3.2 billion at a price of €20 per share, underscores Masdar’s commitment to expanding its footprint across Europe’s clean energy landscape.
With regulatory approvals secured, Masdar is set to initiate a mandatory tender offer (MTO) for the remaining shares of TERNA ENERGY, pending authorization from Greece’s Hellenic Capital Markets Commission (HCNC).
TERNA ENERGY, a key player in renewable energy for over two decades, holds Greece’s most extensive and diversified clean energy portfolio, with operations in wind, solar, biomass, and hydroelectric projects. The company also has a presence in Bulgaria and Poland and is developing the 680-megawatt (MW) Amfilochia pumped hydro project, one of Europe’s largest of its kind.
Currently operating 1.2 gigawatts (GW) of renewable capacity, TERNA ENERGY aims to expand to 6GW by 2029. The acquisition strengthens Masdar’s strategic push to achieve 100GW of global renewable capacity by 2030, reinforcing its role in the global energy transition.
In facilitating the transaction, Masdar was advised by Rothschild & Co. as the sole financial advisor, with legal counsel provided by Simmons & Simmons, Bernitsas Law, and Latham & Watkins.
GEK TERNA Group enlisted Reed Smith LLP and Potamitis Vekris for international and Greek legal counsel, respectively, with Morgan Stanley serving as the sole financial advisor to TERNA ENERGY.
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