Published by Global Banking & Finance Review®
Posted on October 14, 2025
2 min readLast updated: January 21, 2026
Enagas is in discussions to acquire GIC's 32% stake in Terega, valued at 600 million euros, to boost its hydrogen infrastructure investments.
By Elvira Pollina and Andres Gonzalez
MILAN/LONDON (Reuters) -Spanish gas grid operator Enagas is in talks to acquire Singaporean sovereign wealth fund GIC's 32% stake in Terega, France's second-largest gas transmission operator, according to two people familiar with the situation.
Terega is also a partner of the Spanish company in a hydrogen pipeline project to connect Spain and France and the companies also operate gas pipeline connections between the two countries.
The stake could be worth around 600 million euros ($693.60 million), with the French company's valuation, including debt, estimated at around 4 billion euros, according to one of the people. Enagas market capitalisation was 3.6 billion euros as of Monday's close, according to LSEG data.
No deal is certain, the sources said, speaking on condition of anonymity as the conversations are private.
Enagas and GIC declined to comment. Terega declined to comment on the talks and did not respond to a request for comment on the valuation of the stake.
A deal with GIC could help Enagas meet its stated target to accelerate investments in hydrogen infrastructure.
Terega and Enagas, alongside Engie unit Natran, are members of a joint venture to develop a cross-border hydrogen pipeline between the Spanish city of Barcelona and the French port of Marseille.
It is a part of a larger 2.5 billion euro H2Med hydrogen pipeline project that will link Portugal, Spain, France and Germany by 2030.
The European Union is hoping to replace some natural gas use with hydrogen, which does not emit CO2 when burned.
Terega's shareholders include Italian gas grid operator Snam with a 40.5% stake, French state-owned utility EDF, which has 18%, and French bank Credit Agricole with a 10% stake, according to the French company's website.
Last year, Reuters reported that EDF and Credit Agricole were exploring selling their stakes in Terega although a deal has not materialized.
($1 = 0.8651 euros)
(Reporting by Elvira Pollina and Andres Gonzalez, additional reporting by Yantoultra Ngui, America Hernandez and Pietro LombardiEditing by Anousha Sakoui and Tomasz Janowski)
Market capitalisation is the total market value of a company's outstanding shares, calculated by multiplying the share price by the total number of shares. It reflects the company's size and financial strength.
A sovereign wealth fund is a state-owned investment fund or entity that manages the national savings for the purposes of investment. These funds are typically used to invest in various assets, including stocks, bonds, and real estate.
Hydrogen infrastructure refers to the systems and facilities necessary for the production, storage, distribution, and utilization of hydrogen as an energy source. It plays a crucial role in the transition to cleaner energy.
An investment is the allocation of resources, usually money, to generate income or profit. Investments can take various forms, including stocks, bonds, real estate, and business ventures.
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