Masdar to acquire stake in Terna Energy
Masdar has reached an agreement to buy an initial 67% stake in Greece’s Terna Energy.
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UAE, Abu Dhabi: United Arab Emirates renewable energy company Masdar has reached an agreement to buy an initial 67% stake in Greece’s Terna Energy. The company intends to make a mandatory offer to buy the rest. The company has signed a definitive agreement with Greek conglomerate GEK Terna (which owns 37.93% of Terna Energy) and other shareholders to buy the 67% stake in Terna Energy at €20 ($21.45) per share. The acquisition price gives the Greek renewables company an equity valuation of €2.4 billion and an enterprise value of €3.2 billion.
The transaction is subject to regulatory approvals and other conditions. Once completed, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining shares with the intention of reaching 100%. The company aims to expand in several parts of Europe, as well is in Asia, the United States and elsewhere, as it seeks to grow its capacity to 100 GW of renewable energy by 2030. It is owned by state-controlled energy and utilities firm TAQA, Abu Dhabi sovereign wealth fund Mubadala and Abu Dhabi National Oil Company, holding stakes of 43%, 33% and 24%, respectively.
Source: Reuters