GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
Italgas agrees to buy 22.5% of Portugal's Floene - Finance news and analysis from Global Banking & Finance Review
Finance

Italgas agrees to buy 22.5% of Portugal's Floene

Published by Global Banking & Finance Review

Posted on October 2, 2026

2 min read

· Last updated: October 2, 2026

Add as preferred source on Google

Italgas Buys 22.5% Stake in Portugal's Floene, Expands Internationally

Italgas Acquisition of Floene: Key Details and Implications

Overview of the Transaction

MILAN, Oct 2 (Reuters) - Europe's largest gas distributor Italgas said on Friday it had agreed to acquire a 22.5% stake in Portuguese gas distribution company Floene from Japan's Marubeni and Toho Gas for around €120 million.

About Floene

• Floene is Portugal's leading gas distribution operator, running a network that stretches 14,000 km (8700 miles), serving 1.1 million customers

Strategic Rationale and Stakeholder Impact

• "The transaction would generate significant industrial value, delivering benefits for customers, local communities and all stakeholders, while supporting the long-term development of the gas distribution sector in Portugal," Italgas CEO Paolo Gallo said in the statement.

Financial Details

• The price paid implies a €530 million equity value and a €1.15 billion enterprise value for Floene, or about 10.9 times its earnings before interest, taxes, depreciation and amortisation in 2025, analysts at broker Intermonte said.

Floene Ownership Structure

• Floene is 75% owned by Allianz Capital Partners.

Market Expansion and Regulatory Conditions

• The deal gives Italgas access to the Portuguese market through a limited financial commitment, further expanding its international presence after Greece, Intermonte added.

• The closing of the transaction is subject to conditions, including regulatory approvals.

Market Reaction and Advisors

• Shares in Milan-listed Italgas were 1% higher by 0750 GMT

• Rothschild and SocGen advised Italgas on the deal

Reporting Credits

(Reporting by Elvira Pollina and Francesca Landini, writing by Alvise Armellini, editing by Giulia Segreti, Kirsten Donovan)

Key Takeaways

  • Italgas will acquire 100% of Meet Europe Natural Gas, which holds a 22.5 % stake in Floene, Portugal’s largest gas distributor, marking its entry into the Portuguese market (italgas.it).
  • Floene operates over 14,000 km of mostly modern polyethylene network, serving about 1.1 million customers—making it a crucial infrastructure asset in Portugal’s energy transition (italgas.it).
  • The €120 million deal values Floene at approximately €530 million equity and €1.15 billion enterprise value, aligning with Italgas’s 2026–2032 strategic plan to drive value through network digitalization and international growth (italgas.it)

References

Frequently Asked Questions

What stake has Italgas acquired in Floene?
Italgas has agreed to acquire a 22.5% stake in the Portuguese gas distribution company Floene.
How much is Italgas paying for the Floene stake?
Italgas is purchasing the stake for around €120 million.
Who currently owns Floene?
Floene is 75% owned by Allianz Capital Partners.
Why is this deal significant for Italgas?
The deal allows Italgas to enter the Portuguese gas market and expand its international presence with a limited financial commitment.
Is the completion of the acquisition subject to any conditions?
Yes, the closing of the transaction is subject to conditions, including regulatory approvals.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category