Masdar has initially acquired just over 70% of the outstanding shares of Terna Energy from GEK Terna and other shareholders through bilateral contracts with each investor. At a price of €20 per share, the deal valued Terna Energy at an enterprise value of €3.2bn, representing the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry.

Having acquired over 70% of Terna Energy, Masdar will now seek regulatory approvals from the Hellenic Capital Markets Commission for the launch of an all-cash mandatory tender offer to acquire the outstanding shares in the company on the same terms.

The Reed Smith team advising on the deal was led by partners Panos Katsambas and Delphine Currie, counsel Matt Bowen, associate Heather Stewart and trainee Emily Greene. They worked closely with the Athens based Potamitisvekris, where the team was led by partner Vassilis Stergiou and senior associate Eleana Baya.