Spanish gas grid operator Enagás is in advanced negotiations to purchase the stake held by Singaporean sovereign wealth fund GIC in French company Terega, the country’s second-largest gas transmission operator. The 32% shareholding is estimated to be worth approximately €600mn ($633mn), according to two sources familiar with the discussions.
A strategic asset for gas interconnection
Terega operates key gas infrastructure in southwestern France and already manages cross-border pipeline connections with Spain. The company is also a partner of Enagás in a hydrogen interconnection project between the two countries, linking Barcelona to Marseille. This pipeline is part of the broader €2.5bn ($2.64bn) H2Med initiative, which aims to connect Portugal, Spain, France and Germany by 2030.
Terega’s total valuation, including debt, is estimated at about €4bn ($4.22bn), while Enagás had a market capitalisation of €3.6bn ($3.8bn) at the most recent close, based on market data. The sources indicated that a deal is not yet guaranteed, as the talks remain confidential. Enagás, GIC and Terega all declined to comment on the potential transaction.
A move aligned with hydrogen ambitions
The deal could strengthen Enagás’ position along future European hydrogen corridors, in line with its stated goals for investment in hydrogen-related infrastructure. The joint project with Terega and Engie subsidiary Natran is a key step in that strategy.
Terega’s current ownership structure includes several institutional shareholders. Italian gas operator Snam holds a 40.5% stake, French state-owned utility Électricité de France (EDF) owns 18%, and banking group Crédit Agricole controls 10%, according to the company’s website.
