On December 2, 2024, Bernitsas Law announced that Abu Dhabi Future Energy Company's acquisition of Terna Energy (previously reported by CEE Legal Matters on June 24, 2024) has now closed.
According to Bernitsas, "following the signing of the agreement on June 20, 2024, the transaction was successfully completed on November 28, 2024. The transaction represents the largest ever energy transaction on the Athens Exchange and one of the largest in the EU renewables industry." The transaction involved the acquisition of 70% of Terna Energy from GEK Terna and other shareholders of Terna Energy.
As previously reported, Bernitsas, working with Simmons & Simmons and Latham & Watkins, has advised Abu Dhabi Future Energy Company (Masdar) on an agreement with Gek Terna and other shareholders to acquire Terna Energy. Reed Smith and Potamitis Vekris advised Gek Terna Group.
According to Bernitsas, "the acquisition price represents an equity valuation of EUR 2.4 billion and an enterprise value of EUR 3.2 billion."
Abu Dhabi Future Energy (Masdar) is a UAE-based clean energy company.
Terna Energy is a Greek renewable energy group listed on the Athens Exchange and a subsidiary of Gek Terna, a construction and projects company in Greece.
The Bernitsas team included Partners Nikos Papachristopoulos, Yannis Seiradakis, Athanasia Tsene, Marina Androulakakis, Maria Nefeli Bernitsa, and Tania Patsalia, Counsels Eleni Stazilova and Maria Kloni, Senior Associates Fotini Karra, Sildia Fotopoulou, Stella Papakosta, and Maria Sofia Sfika, and Associates Chrysa Andressaki, Angeliki Chlivinou, Odysseas Fokas, Katerina Fotopoulou, Manto Karamanou, Konstantina Karveli, Niki Nisotaki, and Marinos Shiapanis.
The Potamitis Vekris team included Partners Vassilis Stergiou and Aspasia Malliou and Senior Associate Eleana Baya.
The Reed Smith team included Londond-based Partners Panos Katsambas and Delphine Currie and Counsel Matt Bowen.
