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Spain'S Enagas In Talks To Acquire €600M Stake In French Gas Pipeline Operator, Terega

oil-gas
Oct 17, 2025
Article Source LogoPipeline Technology Journal
Pipeline Technology Journal

Spanish gas pipeline grid operator Enagas is in negotiations to acquire a 32% stake in France's second-largest gas transmission company, Terega, from Singapore’s sovereign wealth fund GIC, according to two people familiar with the matter.

The potential deal would strengthen the partnership between the two companies, which are already collaborating on a major cross-border hydrogen pipeline project. 

A successful acquisition would also support Enagas' stated goal of accelerating investments in hydrogen infrastructure as Europe seeks to transition to cleaner energy sources.

The stake could be worth approximately 600 million euros ($694 million), according to one of the sources, who estimated Terega's total valuation, including debt, at around 4 billion euros ($4.6 billion). 

For comparison, Enagas' market capitalization stood at 3.6 billion euros ($4.16 billion) as of Monday's market close.

The sources spoke on the condition of anonymity as the conversations are private and cautioned that no deal is certain.

The two grid operators are central to the H2Med project, a 2.9-billion-dollar hydrogen pipeline intended to connect Portugal, Spain, France, and Germany by 2030. 

This initiative is part of the European Union’s broader strategy to replace natural gas with hydrogen, which does not produce carbon dioxide when burned.

Terega's other major shareholders include Italian gas operator Snam, with a 40.5% stake, French state-owned utility EDF, with 18%, and the French bank Credit Agricole, which holds 10%. 

Last year, reports indicated that EDF and Credit Agricole were exploring the sale of their stakes, though a transaction did not materialize. 

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