Enagás has agreed to acquire EDF Invest's 18% stake in French gas transmission system operator Teréga for €311m, the Spanish company said on 13 November 2026, taking its holding to 49.5%.
Why Enagás, S.A. is buying Teréga (18% stake, from EDF Invest)
Enagás said the larger stake would strengthen cooperation and security of supply between the French and Spanish energy systems while preserving Teréga's operational independence, and would support cross-border decarbonisation projects between adjacent operators. The two networks connect at the Irún and Larrau interconnection points, and Teréga, Enagás and NaTran are promoters of the BarMar subsea hydrogen pipeline between Barcelona and Marseille. Enagás described the deal as part of the asset-rotation process in its 2025-2030 strategic update.
Deal terms and financing
Enagás will pay a total of €311m for EDF Invest's 18%. The transaction does not involve any change of control or modification of the governance arrangements under Teréga's shareholders' agreement, and the investment will continue to be accounted for using the equity method.
Regulatory approvals and timing
Enagás said the transaction is expected to close before the end of 2026.
Market context
Teréga operates about 5,100km of gas pipelines and two underground storage sites, representing around 16% of the French gas transmission network and 27% of the country's storage capacity. Enagás completed the purchase of a 31.5% stake in Teréga from GIC in July 2026; after this deal its partners will be Snam, with 40.5%, and Predica, with 10%.
