Masdar has completed the acquisition of a 70% majority stake in Greece’s TERNA ENERGY (TENERGY.AT) to support its European expansion strategy.
The deal, valued at €3.2 billion ($3.3billion), is the largest energy transaction in the history of the Athens Stock Exchange and one of the largest in the European renewables sector.
The acquisition was conducted at €20 ($21.4) per share, and finalized following the receipt of all necessary regulatory approvals.
Masdar now plans to seek clearance from the Hellenic Capital Markets Commission (HCNC) to launch an all-cash mandatory tender offer (MTO) for the remaining shares of TERNA ENERGY.
TERNA ENERGY, a renewable energy powerhouse, holds Greece’s largest and most diverse portfolio, with projects that include wind, solar, biomass, and hydro technologies.
The company operates 1.2 gigawatts (GW) of capacity, including the 680-megawatt Amfilochia pumped hydro project—one of Europe’s largest.
With ambitions to reach 6GW by 2029, TERNA ENERGY aligns with Masdar’s target of achieving 100GW of global renewable capacity by 2030.
“Our shared vision and long-term capital will unlock substantial growth opportunities for TERNA ENERGY and accelerate the energy transition in Greece and Europe,” said Masdar’s CEO, Mohamed Jameel Al Ramahi,
Al Ramahi added that TERNA ENERGY will serve as a core regional platform for Masdar, enabling both companies to capitalize on the growing demand for clean, domestically produced energy in southeastern Europe.
TERNA ENERGY’s Executive Chairman, Georgios Peristeris, said that the deal with Masdar is strategic alignment that opens up endless growth opportunities and will strengthen their shared commitment to clean and affordable energy.
The transaction was supported by Rothschild & Co., Simmons & Simmons, Bernitsas Law, and Latham & Watkins on Masdar’s side. GEK TERNA, the parent company of TERNA ENERGY, retained Reed Smith LLP and Potamitis Vekris as legal advisors, with Morgan Stanley acting as sole financial advisor.
