Masdar, the Abu Dhabi-based renewable energy major, said it has agreed to buy Greece’s Terna Energy in a €3.2 billion ($3.4 billion) deal.
The agreement signed June 20 is one of the largest renewable energy transactions in the history of the European Union. Masdar—also known as Abu Dhabi Future Energy Co.—said Thursday it had a “definitive agreement” to buy a 67% stake in Terna Energy, a subsidiary of GEK Terna Group. Terna Energy holds the largest portfolio of renewable energy projects in Greece, with about 2.5 GW either in operation, under construction, or ready to be built.
The deal is still subject to regulatory approval. Masdar also said it will launch an all-cash mandatory tender offer to buy the remaining shares of Terna Energy and fully take over the utility.
Masdar officials said Thursday’s deal values Terna Energy’s total equity at €2.4 billion ($2.57 billion), with an enterprise value of €3.2 billion. The acquisition is the largest-ever energy transaction on the Athens Stock Exchange.
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