Italgas signs agreement to acquire 100% of Meet Europe Natural Gas and strengthen its presence in Portugal through Floene

The Italgas group has signed a binding agreement with Marubeni Corporation and Toho Gas Co. for the purchase of 100% of Meet Europe Natural Gas, a company that holds 22.5% of the share capital of Floene, the main gas distribution operator in Portugal.

The value (equity value) of the operation is approximately 120 million euros. The actual completion of the transaction is subject to the fulfillment of certain conditions, including obtaining the necessary authorizations from the competent authorities. The operation would allow Italgas to assume a significant industrial role within the partnership, through joint control of Floene.

With approximately 1.1 million active users served in the residential and industrial segments and a network of approximately 14,000 kilometres, Floene is the main gas distribution operator in Portugal. The company holds five gas distribution concessions in strategic areas of the country, including the metropolitan area of ​​Lisbon and, through a licensing system, manages gas distribution in further areas of Portugal.

"The operation would make it possible to generate significant industrial value, producing benefits for customers, local communities and all stakeholders, promoting the long-term development of the gas distribution sector in Portugal", states the CEO of Italgas, Paolo Gallo.