The energy sector on the Athens Stock Exchange has piqued investor interest over the past nine months, with Arab Masdar’s deal to acquire Terna Energy joining a list of major deals, partnerships, acquisitions and placements, with a total value of 7.2 billion euros, changing the country’s energy sector, but also the broader region of southeastern Europe.
The price of around 2.4 billion euros for 100% of Terna Energy’s shares (a public proposal for the acquisition of all shares will follow) confirms the great attractiveness, as well as the enormous prospects of the sector. The sale of the majority stake turns out to be the largest energy transaction in the history of the national capital market, but also one of the largest in the European renewable energy sector.
However, Terna Energy is neither the first nor the last stock market trade in this ever-growing industry. Partnerships, acquisitions, mergers and share sales form a dynamic puzzle that makes up the profile of a thriving energy market, with positive effects on the valuations of all protagonists.
The 8 big businesses
In April, for example, there was a major agreement between PPC and Metlen, worth a total of 2 billion euros, for the development of a portfolio of 90 energy projects, with capacity up to 2GW, in four different countries abroad ( Italy, Romania, Bulgaria and Croatia). In May, this was followed by the sale of 5% of Metlen shares by the main shareholder, Evangelos Mytilineos, for 255 million euros (35.5 euros/share).
Meanwhile, just days before we welcome 2024, Intrakat and PPC Renewables announced the mega-synergy for the joint development of a 2.7 GW RES portfolio, in a deal with a potential value of up to more than one billion of euros. Last October, PPC acquired Enel Romania for 1.24 billion euros, in a strategic move to penetrate the Balkan region.
Motor Oil also presents intense commercial activity. More specifically, it acquired the remaining 25% of Anemos from Ellaktor for 123.5 million euros in January, after the initial purchase of 75% at the end of 2022. Motor Oil is also very close to completing the acquisition of Helector. The deal amounts to 114.7 million euros. A few days ago, the Group expanded in Romania, participating in a joint venture (49%) for the development of RES, with a capacity of 86 MW.
All eyes are now on Helleniq Energy, which could move forward with a new share allocation.
The 8 most important energy deals of the last 9 months
• Terna Energy – Masdar 2.4 billion euros (acquisition)
• Metlen – PPP 2 billion euros (partnership)
• Metlen 255 million euros (placement)
• Intrakat – PPC 1 billion euros (partnership)
• PPC – Enel Romania 1.14 billion euros (acquisition)
• Motor Oil – Anemos 123.5 million euros (acquisition)
• Motor Oil – Helector 114.7 million euros (acquisition)
• Helleniq Energy 235 million euros (placement).