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It’s a busy day on the M&A front, with Masdar and Al Ansari Financial Services also completing acquisitions, and Ajman Bank partially exiting its stake in Gulf Navigation.
State-run renewables giant Masdar nabbed an additional 30% stake in Greece-listed Terna Energy from Gek Terna for EUR 20 per share in a successful squeeze-out, according to a statement(pdf). The purchasing price is equivalent to the last closing price of the Athens-listed firm.
With a delisting in view: Upon securing regulatory approval, the transaction will see Terna Energy’s shares delisted from the Athens Stock Exchange, bringing Masdar’s total holding in the clean energy company to 100%, up from 70% as of November of last year.
By the numbers: Terna’s bottomline grew 23.5% y-o-y to EUR 70.5 mn in 2024, while its topline was up 37.6% y-o-y to EUR 347.1 mn, largely driven by an uptick in renewable energy sales, according to its latest earnings release. The company’s capacity sits at 1.2 GW today, operating across a diverse renewable energy portfolio of wind, solar, biomass, and hydro projects, including the 680 MW Amfilochia pumped hydro project, one of Europe’s largest.
IN OTHER M&A NEWS-
#1- Al-Ansari wraps BFC takeover: DFM-listed Al Ansari Financial Services fully acquired Bahraini forex firm BFC Group Holdings for USD 200 mn, it said in a filing (pdf) to the exchange. The acquisition, for which an agreement was signed last July, is expected to drive a 20% increase in operating income, along with a 13% growth in both net income and EBITDA. Al Ansari will be the largest remittance and exchange provider in the GCC region in terms of branch network post-acquisition, with some 410 branches under its belt across the UAE, Bahrain, Kuwait, and India.
Market reax: Al Ansari’s stock gained 1% to AED 0.98 at yesterday’s close.
#2- Gulf Nav is one substantial shareholder down: DFM-listed Ajman Bank divested an undisclosed portion of its stake in DFM-listed shipping firm Gulf Navigation, dropping below the 5% threshold that separates substantial shareholders from minority holders under UAE market rules, Zawya reports citing market data. This comes after a series of nine direct off-market share sales since Wednesday, 5 March valued at a total of AED 173.4 mn.
