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Wood and Company
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WOOD Flash - GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi
On 20 June, GEK Terna announced the long-rumoured sale of 36.59%-owned Terna Energy (TENERGY) to Masdar, the United Arab Emirates green energy vehicle, at EUR 20.0/share. Following the deal, Masdar will launch a mandatory public offer to acquire the minorities, also at EUR 20.0/share, with the whole process expected to be concluded towards the year end.
The deal implies an EV/EBITDA multiple of about 16x on our 2024E estimates, but leaving aside the crystallisation of value, the sale makes strong financial sense to us, due to GEK’s rather-stretched balance sheet. Selling TENERGY goes a long way towards helping to finance the flagship concessions of Egnatia Odos (EO) and Attiki Odos (AO), two deals that GEK is expected to seal towards the year end, and for which it will need to deliver close to EUR1bn in total.
21/06/2024 1 EN
Underlying
Gek Terna
Gek Terna
GEK Terna Holding Real Estate Construction is a real estate development group based in Greece. Co.'s main activity is the development and management of investment property, the construction of any kind, the management of self-financed or co-financed projects, the construction and management of energy projects, as well as its participation in companies having similar activities. Co. has a significant and specialized presence in construction, energy as well as in the development, management and exploitation of investment property having a strong capital base. Co. is also active in construction and quarry, the industrial segment, metal constructions, and producing skids from armed concrete.
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Provider
Wood and Company
Wood and Company
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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