The European Commission on 13 November 2026 approved the acquisition of joint control of Floene Energias, Portugal's main gas distributor, by Italgas Reti and Allianz Capital Partners, clearing Italgas's purchase of a 22.5% stake for about €120m.
Why Italgas (Italgas Reti S.p.A.) is buying Floene Energias S.A. (22.5% via Meet Europe Natural Gas, from Marubeni and Toho Gas)
Italgas said the deal was an important step in the M&A-led growth set out in its 2026-2032 strategic plan, and would let it combine Floene's strong local presence with its own experience in network digitalisation, innovation and operating efficiency.
“L’operazione permetterebbe di generare un rilevante valore industriale, producendo benefici per i clienti, le comunità locali e tutti gli stakeholder”
Deal terms and financing
Italgas is buying all of Meet Europe Natural Gas, the company that holds 22.5% of Floene, from Marubeni and Toho Gas. The equity value is about €120m.
Regulatory approvals and timing
Completion is subject to conditions including the necessary authorisations. The Commission cleared the deal (case M.12670) on 13 November 2026, concluding that it raised no competition concerns because the companies are not active in the same or vertically related markets.
Market context
Floene serves about 1.1 million active customers over a network of around 14,000 km and holds five gas distribution concessions in Portugal, including the Lisbon metropolitan area.
