GEK Terna announced today (30 June 2026) on Euronext Athens that it has initiated a share capital increase (SCA), aiming to raise approximately €500 million in new equity.
Accelerated Book Build Underway
The company has appointed Banco Santander, Mediobanca, and Morgan Stanley Europe as global coordinators — and, jointly with AXIA Ventures Group, as co-managers of the offer book — to lead an accelerated book build process. This process will facilitate a private placement of new ordinary, non-par, registered shares carrying voting rights, each with a nominal value of €0.57.
Regulatory Framework and Governance
The capital increase will be executed through the issuance of new shares, with pre-emption rights excluded, subject to final approval by GEK Terna’s Board of Directors following completion of the book build. The Board is acting under authority granted at the company’s Ordinary General Meeting held on 16 June 2026, in accordance with Articles 24(1)(b) and 27(4) of Law 4548/2018.
Target Investors and Regulatory Exemptions
The new shares will be offered exclusively to selected institutional and other eligible investors participating in the accelerated book build. The offering constitutes a private placement and not a public offering. It falls under applicable exemptions from the prospectus publication requirements set out in Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as well as other relevant legislation.
Strategic Use of Proceeds
Proceeds from the placement are expected to strengthen GEK Terna’s financial flexibility and its capacity to pursue strategic investment opportunities beyond its current business plan — reinforcing its position as Greece’s leading infrastructure investor and operator, with an investment-grade rating.
Specifically, net proceeds will support the continued expansion of GEK Terna’s infrastructure and concession platform, primarily in Greece, including financing for its defined investment program across transport, water, energy, and related infrastructure sectors — covering both concession projects and Public-Private Partnership (PPP) initiatives extending beyond its existing operational roadmap.