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GreekReporter.comGreek NewsEconomyYork Capital Management Invests €100 million in Greece's GEK Terna

York Capital Management Invests €100 million in Greece's GEK Terna

gek_terna_1GEK TERNA Group of Companies and York Capital Management, a leading global investment management firm, have reached an agreement for York Capital to invest €100 million in GEK TERNA.
The investment will contribute to GEK TERNA’s efforts for ongoing growth and implementation of the group’s investment plan and reflects a vote of confidence for the recovery of the Greek economy.
Under the agreement, York Capital will fully subscribe to the issuance of a five year bond loan mandatorily convertible, partly to new GEK TERNA shares and partly exchangeable with existing TERNA ENERGY shares owned by GEK TERNA. The subscription price for York Capital has been set at 2.50 Euros per GEK TERNA share.
In addition, York Capital will acquire 9.99% of GEK TERNA’s share capital through a share capital increase and 3% of TERNA ENERGY’s share capital currently held by GEK TERNA.
After the investment, York Capital will be represented by one member at each of the two companies’ Boards of Directors.
The agreement is subject to the fulfillment of conditions precedent.
(source: Capital)

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