The acquisition of TERNA ENERGY by Masdar was approved by the European Commission, based on the EU merger regulation. The transaction mainly concerns the electricity sector from renewable sources.
The Commission concluded that the notified transaction would not raise competition concerns, given the limited market position of the companies resulting from the proposed transaction. The notified transaction was examined under the simplified merger review process.
Following this, the largest business deal for Greek data worth 3.2 billion euros takes the final stretch to close the last details, with the general meeting of GEK TERNA scheduled for October 23.
The decisions for TERNA ENERGY
Shareholders are invited to make a decision on:
- The sale and transfer to the joint-stock company with the name “Masdar Hellas Sole Proprietorship” (the “Purchaser”) of all the issued shares of the joint-stock company with the name “TERNA ENERGY LLC” held by the Company and
- The conclusion of the relevant Share Purchase and Covenants Agreement (the “Agreement”) from 20 June 2024 between the Company, the Purchaser and the company “MASDAR TRIDENT HOLDING RSC LIMITED” (as guarantor in favor of the Company) and the other agreements included in the Contract.
The validity of the Agreement and related transactions are subject to the receipt of the required approvals and other amendments included in the agreement.
GEK TERNA with a 3 billion superweapon
The GEK TERNA group with the TERNA ENERGY deal acquires a 3 billion euro superweapon.
The cash available (1.1 billion euros on June 30) will increase by 864 million euros, significantly strengthening the investment power of the group, while at the same time, loan obligations related to TERNA ENERGY amounting to 1, will be removed from the consolidated balance sheet of the Group. 1 billion euros.
With this power, the group continues uninterruptedly its preparation and participation in a significant number of new competitions in Greece and also in Southeast Europe.
Indicatively, it is estimated that within the next 18-24 months new concession/PPP projects with a total estimated budget of 8-10 billion euros are expected to be auctioned in Greece.
In this context, the GEK TERNA group is already strategically positioned with significant competitive advantages, given its verticalization and its ability to control every risk stage of the project.
Who is Masdar?
Masdar, also known as Abu Dhabi Future Energy Company, is a state-owned renewable energy company of the United Arab Emirates.
It was established in 2006 as a subsidiary of Mubadala Investment Company implementing Sultan Al Jaber’s “green vision” to diversify the oil economy.
With shareholders in the UAE’s three leading energy champions – Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company and Abu Dhabi National Energy Company PJSC (TAQA) – Masdar supports the UAE’s transition to a knowledge-based economy. A catalyst for the development of renewable energy in the Arab world over the past decade, Masdar shows how the business community can respond to the global sustainability agenda.
Source: ot.gr
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