Masdar signs €3.2b deal to acquire Greece's Terna Energy

Masdar Terna

I can help with that. Here's a rephrased version of the article about Masdar's acquisition of Greece's Terna Energy:

Masdar, the Abu Dhabi Future Energy Company, has announced a significant €3.2 billion deal to acquire Greece's Terna Energy. This transaction involves initially purchasing 67% of Terna Energy's outstanding shares, with plans to make a mandatory cash tender offer for the remaining shares to achieve full ownership, pending regulatory approvals and other conditions.

The deal values Terna Energy's total equity at €2.4 billion and sets its enterprise value at €3.2 billion, making it the largest energy transaction ever on the Athens Stock Exchange and one of the largest in Europe's renewables market.

Masdar's acquisition is expected to bring substantial capital investment into Greece and other European countries, aligning with Terna Energy's contributions to Greece's National Energy and Climate Plan and the EU's goal of achieving net-zero emissions by 2050.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and chairman of Masdar, highlighted the strategic importance of the acquisition in Masdar's goal to expand its clean energy portfolio to 100GW by 2030. He emphasized the UAE's commitment to supporting Greece and Europe in clean energy development as outlined in the UAE Consensus, aiming to triple global renewable energy capacity by 2030.

Mohamed Jameel Al Ramahi, CEO of Masdar, expressed confidence in the partnership with Terna Energy, stressing Masdar's role in accelerating Terna Energy's growth and supporting Greece's renewable energy ambitions. Al Ramahi underscored Masdar's commitment to leveraging its global expertise to advance clean energy initiatives across Europe.

Georgios Peristeris, chairman and CEO of GEK Terna and Executive Chairman of Terna Energy, described the agreement with Masdar as a testament to the value of Terna Energy and the dedication of its team over the past 25 years. He positioned the acquisition as a pivotal moment for Terna Energy's future growth and a vote of confidence in Greece's energy prospects.

The transaction has enlisted Rothschild & Co. as financial advisor to Masdar, with legal counsel provided by Simmons & Simmons, Bernitsas Law, and Latham & Watkins. GEK Terna Group received legal advice from Reed Smith LLP and Potamitis Vekris, with Morgan Stanley serving as sole financial advisor to Terna Energy.

This acquisition underscores Masdar's strategic vision to drive sustainable economic growth through responsible energy transitions, fostering new industries and job opportunities while advancing low-carbon development.