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York Capital pours EUR100m into Greece's GEK Terna.

M2 EQUITYBITES-November 4, 2013-York Capital pours EUR100m into Greece's GEK Terna(C)2013 M2 COMMUNICATIONS

4 November 2013 - US investment manager York Capital Management has agreed to invest EUR100m (USD135m) in Greece-based diversified group GEK Terna, the parties announced today.

As part of the deal, York Capital will fully subscribe to the issuance of a five-year bond, which is convertible partly into new GEK shares and partly exchangeable with existing Terna Energy stock owned by the group. The subscription price has been set at EUR2.50 per GEK share.

Furthermore, the US investor will take a 9.99% interest through a share capital at the Greek group plus an additional 3% of Terna Energy. The total investment will give York Capital a seat on each of the two firm's boards. It will help GEK Terna to pursue its growth strategy and implement its investment plan, it said.

GEK Terna is engaged in the areas of construction, electricity generation and supply, concessions, waste management and mining activities as well as real estate development and management. The group operates in central and southeastern Europe, the US, North Africa and Middle East in addition to Greece.

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Publication:M2 EquityBites (EQB)
Geographic Code:4EUGR
Date:Nov 4, 2013
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