Today the acquisition of 67% of Terna Energy by Masdar is completed, paving the way for the latter to proceed with a public offer. This is the largest business deal for Greece, worth €3.2 billion.

WHAT'S NEXT

It is recalled that the deal announced last June provides that Masdar will initially acquire 67% of the shares of Terna Energy for a price of €20/share and in a second year will launch a mandatory cash public offer for the acquisition of all the remaining shares of the company, with the aim of reaching 100%.

So, the next steps are the prospectus for the public offer, in order to have all the procedures for the full acquisition of Terna Energy shares by Masdar completed and the company to be delisted by the end of the year. It is noted that the acquisition price represents a total valuation of €2.4 billion and an enterprise value of €3.2 billion. 

WHO IS MASDAR?

Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies and promotes the development and application of solar, wind, and geothermal energy technologies, battery storage, and green hydrogen. Founded in 2006, it has developed and invested in projects in more than 40 countries with an installed capacity of over 20 GW. It is jointly owned by TAQA, ADNOC, and Mubadala and aims to become a leading producer of green hydrogen and have an installed renewable energy capacity of 100 GW by 2030.

WHAT IT BRINGS TO GEK TERNA

It is expected that the sale of Terna Energy will allow the acceleration of the gradual increase in dividends for GEK Terna shareholders to higher levels, coupled with an increase in operating profitability, making it even more attractive to large foreign institutional investors. Specifically, both EBITDA and net income profitability will continue to grow at a double-digit rate in the coming years from the operation of the group's new investments and will exceed €700 million of operating profitability by 2028.