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Italian gas distributor Italgas has agreed to acquire an indirect 22.5% stake in Portugal’s Floene for approximately €120 million, strengthening its position in the Portuguese gas distribution market as part of its broader European expansion strategy.
Italgas said Friday it will purchase 100% of Meet Europe Natural Gas from Japanese companies Marubeni and Toho Gas. Meet Europe Natural Gas currently holds a 22.5% interest in Floene, giving Italgas exposure to Portugal’s largest gas distribution network once the transaction is completed.
The deal, valued at around €120 million, remains subject to customary closing conditions, including the receipt of necessary regulatory approvals.
Floene is a major player in Portugal’s energy infrastructure sector, supplying natural gas to approximately 1.1 million residential and industrial customers. The company operates a distribution network covering roughly 14,000 kilometers across the country.
Its operations include five gas distribution concessions in Portugal, including infrastructure serving the Lisbon metropolitan area. Floene also manages gas distribution networks in other regions under a licensing framework, giving it a significant footprint in the country’s energy market.
The acquisition is expected to provide Italgas with joint control of Floene, increasing the Italian utility group’s involvement in Portugal while further diversifying its European operations.
For Italgas, the investment aligns with its strategy of pursuing growth through acquisitions and expanding its presence in strategically important gas distribution markets. Adding a stake in Floene would give the company access to an established infrastructure network and a large customer base in Portugal.
Completion of the Floene stake acquisition will depend on regulatory clearances and other customary conditions. Once finalized, the transaction will mark another step in Italgas’ efforts to expand its European gas distribution portfolio beyond its core Italian market.
