The energy sector of the Athens Stock Exchange has attracted the investors’ interest over the last nine months, with the agreement of the Arab Masdar for the acquisition of Terna Energy being added to a list of large agreements, partnerships, acquisitions and placements, with a total value of 7.2 billion euros, changing the energy sector of the country, but also the wider region of south-eastern Europe.
The price of approximately 2.4 billion euros for 100% of Terna Energy’s shares (a public proposal for the acquisition of all the 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 domestic 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 deal in this ever-growing industry. Partnerships, acquisitions, mergers and share sales make up a dynamic puzzle that composes the profile of a thriving energy market, with positive effects on the valuations of all the protagonists.
The 8 big deals
In April, for example, there was a major agreement between PPC and Metlen, totaling 2 billion euros, for the development of a portfolio of 90 energy projects, with a capacity of up to 2GW, in four different countries abroad (Italy, Romania, Bulgaria and Croatia). In May, it was followed by the sale of 5% of Metlen’s shares by the main shareholder, Evangelos Mytilineos, for 255 million euros (35.5 euros/share).
In the meantime, a few 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 1 billion euros. Last October PPC acquired Enel Romania for 1.24 billion euros, in a strategic move to penetrate the Balkan region.
Motor Oil is also showing intense business activity. More specifically, it acquired the remaining 25% of Anemos from Ellaktor for 123.5 million euros in January, following 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.
Eyes are now turned to Helleniq Energy, which may proceed with a new allocation of shares.
The 8 most important energy deals of the last 9 months
• Terna Energy – Masdar 2.4 billion euros (acquisition)
• Metlen – PPC 2 billion euros (partnership)
• Metlen 255 million euros (placement)
• Intrakat – PPC 1 billion euro (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).
