Masdar seeks EUR 3.2bn takeover of Greek renewables firm Terna

UAE-based renewables developer Masdar is seeking a full takeover of Terna Energy SA (ATH:TENERGY), a Greek renewables firm targeting an operational capacity of 6 GW by 2030, at a valuation of about EUR 3.2 billion (USD 3.44bn), including debt.

The proposed deal is described as the largest-ever energy transaction on the Athens Stock Exchange and one of the largest in the EU renewables industry.

The Emirati state-owned firm has sealed a deal to initially acquire a 67% stake in the Balkan company, with plans to proceed to a subsequent tender offer for the remaining shares, it said in a press statement issued today.

The proposed takeover terms of EUR 20.00 per share imply a total equity valuation for Terna of EUR 2.4 billion.

Shares in Terna were trading 0.78% higher at EUR 19.33 as of 1030 CET in Athens on Thursday. The company’s market capitalisation stands at about EUR 2.28 billion, according to Athens Stock Exchange data.

The transaction, which hinges on regulatory clearances, is aligned with Masdar’s growth ambitions in Greece and Europe and its push to strengthen its position as a global energy transition partner with a targeted global capacity of 100 GW by 2030.

Set up in 1997, Terna is a clean energy platform specialised in financing, developing, constructing and operating renewable energy facilities. It is focused on wind, solar, hydroelectric and pumped storage projects in Greece and Europe.

(EUR 1 = USD 1.075)

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