GEK Terna Group is about to close the agreement for the sale of Terna Energy to Masdar, an Emirati state-owned renewable energy company.
Masdar, according to information, will purchase the shares in Terna Energy by GEK Terna (37.9%), the president and CEO of GEK Terna, Giorgos Peristeris (11%), possibly also of other executives of Terna Energy and the company Atale Enterprises (6%).
Gathering a percentage of approximately 55%, the foreign company is obliged to make a public proposal.
This is one of the largest business agreements that will have been made in the country as the capitalization of Terna Energy reaches 2.23 billion euros (18.92 euros per share).
Estimates indicate that the agreement was for 20 euros per share, a price that suggests a small premium compared to the current trading price on the Athens Stock Exchange.
It should be noted that the sale of Terna Energy has been under discussion for at least the last two years, Peristeris said, reiterating that an agreement will proceed only if deemed beneficial. Initially there were discussions with Macquarie and First Sentier.
850 million euros
GEK Terna will be strengthened with approximately 850 million euros for its next investments which include, among other things, three of the largest concession contracts in the country, the total value of which approaches 6.5 billion euros.
