, United Arab Emirates
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Masdar completes acquisition of 70% stake in Terna Energy

It will now seek approval for an all-cash mandatory tender offer to acquire the rest of the shares.

UAE's Masdar has completed its acquisition of 70% of the outstanding shares of Terna Energy SA from Gek Terna SA and other shareholders for $3.4b (EUR3.2b), marking the largest energy transaction on the Athens Stock Exchange.

Terna Energy is a player in the Greek renewable energy market with a 1.2 gigawatt diversified portfolio of wind, solar, biomass, and hydro projects.

In a statement, Masdar said it will now seek regulatory approvals from the Hellenic Capital Markets Commission for the launch of an all-cash mandatory tender offer to acquire the remaining shares.

"Masdar's acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams. Our ambition is to establish TERNA ENERGY as one of our core regional platforms that will help us deliver on our ambitious targets,” said Masdar CEO Mohamed Jameel Al Ramahi.

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

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