Italgas to acquire 22.5% stake in Portugal’s Floene for €120 million

Italgas has signed a binding agreement with Japanese companies Marubeni and Toho Gas to acquire a 22.5% stake in Floene, Portugal’s primary gas distribution operator. The transaction, valued at approximately 120 million euros in equity value, involves the purchase of 100% of Meet Europe Natural Gas, the entity holding the stake in Floene.

Upon completion, Italgas will assume an industrial role through joint control. The move is part of the company’s 2026-2032 strategic plan focused on growth through mergers and acquisitions. CEO Paolo Gallo stated the deal aims to combine Floene’s local presence with Italgas’s expertise in network digitalization and operational efficiency.

Floene manages a network of approximately 14,000 kilometers and serves roughly 1.1 million residential and industrial users. The company holds five gas distribution concessions in strategic Portuguese areas, including the Lisbon metropolitan area. The finalization of the deal is subject to regulatory approvals.