Bernitsas Law advised Abu Dhabi Future Energy Company PJSC (Masdar) on their agreement with GEK TERNA and other shareholders to acquire TERNA ENERGY. The deal represents the largest ever energy transaction on the Athens Exchange and one of the largest in the EU renewables industry.
We advised on the entire life cycle of the transaction, including the legal due diligence exercise, transaction documents and energy project agreements and complex regulatory issues.
Highlighting this significant deal, Managing Partner Panayotis Bernitsas said: ‘I am delighted that the Bernitsas Law team is once again at the forefront of the market in advising on the groundbreaking transactions taking place in Greece. Our dedicated and talented Capital Markets and Energy lawyers, led by my partners Nikos Papachristopoulos and Yannis Seiradakis, were joined by experts from across the firm, in particular Counsel Elena Stazilova and the rest of the Energy team, Athanasia Tsene leading the Banking & Finance team and Marina Androulakakis leading the Competition team. Their seamless cooperation contributed to the successful execution of the acquisition. Congratulations to all on this fantastic achievement!’
Nikos Papachristopoulos said: ‘This deal represents a significant investment through the Athens Exchange and is expected to have a major impact on the Greek market. I am proud of my great team which has played a pivotal role in this success.’
Yannis Seiradakis said: ‘This deal is the largest energy transaction to have ever taken place on the Athens Exchange and has cemented my brilliant team’s position as a market leader. We look forward to continuing to lead the market with our involvement in the most important energy deals taking place in Greece.’
Abu Dhabi Future Energy (Masdar) is the UAE’s clean energy leader and one of the world's fastest growing renewable energy companies and a green hydrogen leader.
TERNA ENERGY is a Greek renewable energy group listed on the Athens Exchange and a subsidiary of GEK Terna, a leader in constructions and projects in Greece.
The acquisition price represents an equity valuation of €2.4 bn and an enterprise value (EV) of €3.2bn.
Partners Nikos Papachristopoulos, Yannis Seiradakis and Athanasia Tsene and Counsel Eleni Stazilova led our multimembered team advising on the transaction, which also included Partners Marina Androulakakis, Maria Nefeli Bernitsa and Tania Patsalia, Counsel Maria Kloni, Senior Associates Fotini Karra, Stella Papakosta and Maria Sofia Sfika and Associates Chrysa Andressaki, Angeliki Chlivinou, Odysseas Fokas, Katerina Fotopoulou, Sildia Fotopoulou, Manto Karamanou, Konstantina Karveli, Niki Nisotaki and Marinos Shiapanis.
Rothschild & Co. acted as financial advisor to Masdar and Simmons & Simmons and Latham & Watkins as their international legal advisors.