Enagás lifts Teréga stake to 49.5% with 311 million euro purchase from EDF

The deal

Enagás, through its subsidiary Enagás Internacional, signed an agreement with EDF Invest, the investment division of Electricité de France (EDF), to acquire 18% of Teréga's share capital for 311 million euros. The company informed Spain's securities regulator (CNMV) of the transaction on Friday, 13 November. Enagás had already closed the purchase of 31.5% of the French company from the GIC fund in July. With the EDF stake, its holding rises to 49.5% of the share capital.

Shareholders and timing

The rest of Teréga's shareholding stays unchanged, with the Italian gas operator Snam holding 40.5% and Predica, a subsidiary of the French Crédit Agricole Assurances group, holding the remaining 10%. Enagás expects the transaction to close before the end of 2026. According to the company, the deal will not involve a change of control or any modification of the governance mechanisms set out in Teréga's shareholders' agreement. As a result, Enagás will continue to consolidate its stake under the equity method.

Enagás (after completion)49.5%

Snam40.5%

Predica10%

Enagás (after completion)

49.5 %

Snam

40.5 %

Predica

10 %

Data from the article text

What Teréga operates

Teréga is the transmission system operator for southwestern France. It runs about 5,100 kilometres of gas pipelines and two underground storage sites. Those assets represent roughly 16% of the French gas transmission network and 27% of the country's storage capacity. Its network connects with Enagás's system through two international interconnections, at Irún and Larrau. Enagás, Teréga and the French operator NaTran are also promoters of the BarMar subsea pipeline project, which would link Barcelona and Marseille.

Strategic rationale

Enagás places the operation within the asset rotation process announced in its 2025-2030 strategic update. That plan sets decarbonisation and long-term security of supply in Spain and Europe as its key priorities. The company argues that a larger presence in Teréga will bring benefits to both businesses.

“The increase in its stake in Teréga will bring benefits to both companies and strengthen cooperation and supply security between the energy systems of France and Spain.”

Enagás also said that the combined technical capabilities and experience of the two companies will support efficient management of energy infrastructure and the development of cross-border decarbonisation projects between neighbouring TSOs. Teréga's operational independence will be fully preserved, according to the company.