RCS - Abu Dhabi Future Eng - Masdar Closes Deal to Acquire TERNA ENERGY

GEK Terna SAAnnouncement

28/11/2024 17:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241128:nRSb0812Oa&default-theme=true

RNS Number : 0812O  Abu Dhabi Future Energy Co. PJSC  28 November 2024

FOR EXTERNAL USE

 

Masdar Closes Deal to Acquire TERNA ENERGY

Announces Goal to Supercharge Growth in Greece and Eastern Europe

 

·    Masdar has successfully completed the acquisition of 70% of the
outstanding shares of TERNA ENERGY to become majority shareholder of the Greek
clean energy champion

·    Following the closing of the transaction, Masdar will seek regulatory
approvals for launch of an all-cash mandatory tender offer to acquire all the
remaining shares

·    Masdar will bring long-term capital and global expertise to
supercharge TERNA ENERGY's growth plans as it targets 6GW of renewable energy
operational capacity by 2029, supporting the energy transition in Greece and
Eastern Europe

·    The acquisition will play an important role in growing Masdar's
portfolio in Europe as it targets 100GW global capacity by 2030

 

ABU DHABI, UAE & ATHENS, Greece - November 28, 2024 - Abu Dhabi Future
Energy Company PJSC - Masdar ("Masdar"), the UAE's clean energy leader,
announced today that it has successfully completed the acquisition of 70% of
the outstanding shares of TERNA ENERGY SA (TENERGY.AT) from GEK TERNA SA
(GEKTERNA.AT) and other shareholders, and received all regulatory approvals.
The deal, agreed at a price of 20 euros per share, valued TERNA ENERGY at an
enterprise value of 3.2bn euros, representing the largest ever energy
transaction on the Athens Stock Exchange, and one of the largest in the EU
renewables industry.

 

Following the closing of the transaction, Masdar will seek regulatory
approvals from the Hellenic Capital Markets Commission (HCNC), for the launch
of an all-cash mandatory tender offer ("MTO") to acquire the outstanding
shares of TERNA ENERGY.

 

TERNA ENERGY has been a key player in the renewable energy sector for over two
decades, holding the largest and most diversified portfolio in Greece, as well
as projects in Bulgaria and Poland. The company owns and operates clean energy
projects across wind, solar, biomass and hydro technologies - Greece's
renewable energy leader is also building one of the largest pumped hydro
projects in Europe, the 680MW Amfilochia project. With TERNA ENERGY currently
operating a capacity of 1.2 gigawatts (GW), the acquisition reflects Masdar's
confidence in the company's impressive growth potential, targeting  6GW by
2029. TERNA ENERGY will play an important role in enhancing Masdar's portfolio
across Europe as it targets 100GW global capacity by 2030 in support of the
energy transition.

 

Masdar has retained Rothschild & Co. as sole financial advisor, and
Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors,
in connection with the transaction and financing.

 

GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were
the international and Greek legal advisors for the transaction respectively,
while Morgan Stanley has been acting as sole financial advisor to TERNA
ENERGY.

 

-ENDS-

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAQKFBKABDDADB