Masdar to Acquire Terna Energy in €3.2 Billion Deal
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In a press release, Masdar announced that it had reached a definitive agreement with Terna Energy to completely take over the firm. Masdar is planning to acquire Terna Energy at a valuation of around $3.44 billion.
According to the release, the transaction and ensuing offer assess Terna Energy’s overall equity at €2.4 billion, with an enterprise value amounting to €3.2 billion.
The UAE-based renewables developer will initially purchase a 67% stake in the company, contingent on regulatory clearances.
After the regulatory clearances for that transaction are met and the transaction is completed, the UAE-based firm will launch an all-cash mandatory tender offer to acquire the remaining shares of the company.
The proposed deal is described as the largest-ever energy transaction on the Athens Stock Exchange and one of the largest deals in the EU renewable industry.
Also read: Enel raises coupons on $11 billion ESG bonds after missing emissions targets
The acquisition aligns with Masdar’s ambitions regarding its expansion in Greece and Europe. The ultimate goal is to strengthen its position as a global energy transition partner. By 2030, the renewables firm aims to possess a global capacity of 100 GW.
This deal is also reported to provide significant capital investment in Greece and other European nations. This also aligns with Terna Energy’s contribution to Greece’s National Energy and Climate Plan (NECP).
In addition, it also contributes to meeting the European Union’s Net-Zero goal by 2050.
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