The UAE’s renewable energy company Masdar said it has reached an agreement to buy an initial 67% stake in Greece’s Terna Energy and intends to make a mandatory offer to buy the rest.
Masdar has signed a definitive agreement with Greek conglomerate GEK Terna and other shareholders to buy the 67%t stake in Terna Energy at 20 euros per share.
The acquisition price gives the Greek renewables company an equity valuation of 2.4 billion euros and an enterprise value of 3.2 billion euros, the two companies said.
GEK Terna owned 37.93% of Terna Energy as of June 4, according to LSEG data.
The transaction is subject to regulatory approvals and other conditions.
Once completed, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining shares of Terna Energy with the intention of reaching 100%, the statement said.
Masdar is expanding in several parts of Europe, as well as in Asia, the US and elsewhere, as it seeks to grow its capacity to 100 GW of renewable energy by 2030.
Masdar is owned by state-controlled energy and utilities firm TAQA, Abu Dhabi sovereign wealth fund Mubadala and Abu Dhabi National Oil Company, which hold stakes of 43 per cent, 33 per cent and 24 per cent, respectively.