Brief: GEK TERNA To Sell All Of Its Shares In TERNA ENERGY To Masdar For EUR 20 Per Share

GEK TERNA

20/06/2024 06:57

June 20 (Reuters) - GEK Terna SA  HRMr.AT :
    * ANNOUNCES THAT IT HAS EXECUTED A SHARE PURCHASE AND
COVENANTS
AGREEMENT WITH MASDAR HELLAS IN RELATION TO THE SALE OF ALL THE
SHARES HELD BY THE COMPANY IN TERNA ENERGY
    * THE PURCHASER IS AN INDIRECT WHOLLY OWNED SUBSIDIARY OF
THE
COMPANY ABU DHABI FUTURE ENERGY COMPANY PJSC - MASDAR
    * THE PRICE OF THE TRANSACTION AMOUNTS TO 20 EURO PER SHARE
    * THE TRANSACTION VALUE FOR THE STAKE OF GEK TERNA AMOUNTS
TO EUR
880 MILLION BASED ON A VALUATION FOR TERNA ENERGY AT EUR 2.4
BILLION EUR AND THE TOTAL ENTERPRISE VALUE OF THE TRANSACTION AT
EUR 3.2 BILLION
    * FOLLOWING THE SUCCESSFUL CLOSING OF THE TRANSACTION THE
PURCHASER INTENDS TO PROCEED TO LAUNCHING A MANDATORY TENDER
OFFER ADDRESSED TO ALL SHAREHOLDERS OF TERNA ENERGY FOR THE
ACQUISITION OF THEIR SHARES
    * THE COMPLETION OF THE SALE AND TRANSFER OF THE COMPANY’S
SHARES
IN TERNA ENERGY IS SUBJECT TO THE FULFILMENT WITHIN 6 MONTHS OF
CERTAIN CONDITIONS PRECEDENT
    * GEK TERNA HOLDINGS REAL ESTATE CONSTRUCTION SAYS IT WILL
PURCHASE AND ACQUIRE FROM TERNA ENERGY CERTAIN ACTIVITIES WHICH
DO NOT FALL WITHIN THE CORE BUSINESS FOR A REASONABLE AND FAIR
CONSIDERATION


Further company coverage:  HRMr.AT 

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