Why Terna Energy was sold to Abu Dhabi’s Masdar

Terna Energy is officially transferred to Abu Dhabi's Masdar Group in a deal that values ​​the Greek listed company at 2.4 billion euros. Together with the assumption of the company's obligations, amounting to more than €800 million, the total value of the agreement between the two sides is €3.2 billion, making it the largest transaction in the field of energy that has been carried out at the Athens Stock Exchange and one of the largest overall.

The two sides announced the terms of the agreement on Thursday. At first, Masdar is going to acquire 67% of the company's share capital, and then proceed with a mandatory public offer to the remaining shareholders, a development that will also mark the end of Terna Energy's presence on the Athens Stock Exchange. 

The price of the transaction was agreed at €2/share, which is considered particularly high (a multiple of 16 times...