Italgas to Acquire 225 Stake in Portugal Gas Operator Floene

Italgas is set to expand its presence in Europe’s gas distribution sector with a €120 million deal to acquire a 22.5% stake in Floene, Portugal’s leading gas distribution operator. The Italian company has signed a binding agreement with Japan’s Marubeni Corporation and Toho Gas Co. Ltd. to purchase 100% of Meet Europe Natural Gas, which holds the 22.5% stake in Floene. This transaction aligns with Italgas’ 2026-2032 Strategic Plan, focusing on mergers and acquisitions to strengthen its infrastructure and technological capabilities.

The acquisition aims to enhance Floene’s network management, service quality, and operational performance by integrating Italgas’ expertise in digitalisation and innovation. Italgas CEO Paolo Gallo emphasized the industrial benefits, noting that the deal could generate value for customers, local communities, and stakeholders. The partnership is expected to modernize gas distribution infrastructure, improving reliability and optimizing operating costs, which are crucial as European energy markets prioritize decarbonization and resilience.

However, the transaction remains conditional on regulatory approvals and the fulfillment of other specified conditions. Once completed, the deal will allow Italgas to play a more influential role in Floene’s operations, supporting long-term development of Portugal’s gas distribution network. While the acquisition is not expected to immediately impact gas availability, it could benefit industrial sectors dependent on gas distribution over time.