Enagás in talks to acquire GIC’s stake in French gas transporter Terega

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.