Enagás, through its subsidiary Enagás Internacional, has signed an agreement with EDF Invest, the division of Electricité de France (EDF), to acquire an 18% stake in the French company Teréga for an amount of 311 million euros.
With this new acquisition, Enagás, which had already completed in July the purchase of 31.5% of the French firm from the GIC fund, increases its presence in Teréga to 49.5% of the share capital, as it has reported this Friday to the Comisión Nacional del Mercado de Valores (CNMV).
The remaining shareholders in Teréga will continue to be distributed among the Italian gas operator Snam, with 40.5%, and Predica, a subsidiary of the French group Crédit Agricole Assurances, which retains the remaining 10%.
The Spanish company expects the transaction to be completed before the end of 2026. Once finalized, the transaction will not involve a change of control or alter the governance mechanisms set out in Teréga’s shareholders’ agreement, so the stake will continue to be accounted for using the equity method.
Teréga, the transmission system operator (TSO) in the southwest of France, has around 5,100 kilometers of gas pipelines and two underground storage facilities, which represents about 16% of France’s gas transmission network and 27% of the country’s storage capacity.
In addition, its infrastructure is linked to Enagás through the international interconnections of Irún and Larrau, and both companies are, together with the French TSO NaTran, driving partners of the BarMar offshore hydroduct, which will link Barcelona and Marseille.
Strengthening supply security and decarbonisation
Enagás places this purchase within its asset rotation process included in the 2025-2030 strategic update, in which it sets decarbonisation and strengthening supply security in Spain and Europe in the long term as its priority areas.
At the same time, the group emphasizes that the increase in its presence in Teréga will generate benefits for both companies and will strengthen cooperation and supply security between the energy systems of France and Spain, while fully maintaining the operational independence of the French company.
As the company has indicated, the combination of the two entities’ technical capabilities and experience will favor the efficient management of energy infrastructures and the promotion of cross-border decarbonisation projects between neighboring TSOs.