The transaction
What happened
On 2 October, Italgas agreed to acquire all of Meet Europe Natural Gas from Marubeni and Toho Gas for approximately €120 million in equity consideration. The vehicle owns 22.5% of Floene. The binding agreement remains subject to conditions and approvals. 1
Italgas describes intended joint control and an industrial role focused on network digitalisation, innovation and operating efficiency. Detailed governance arrangements remain undisclosed. 1
Floene's 2025 annual report shows the scale of the underlying asset: 1,124,482 active consumption sites, 14,014 kilometres of network and 15,404 GWh of gas distributed. The group manages nine distribution operators across 106 municipalities. 2
These are FY2025 figures for the whole Floene group. EBITDA rose 2.9% while active consumption sites fell 0.5% and distributed volume fell 1.0%, putting operating performance and network investment at the centre of the asset's financial context. 2
The transaction fits a previously announced acquisition strategy. Italgas's June 2026 strategic plan included €0.5 billion of financial flexibility for gas-distribution M&A within a €13 billion 2026-2032 investment plan. 3
Buyer
Italgas
100%
Meet Europe Natural Gas
c.€120m equity consideration
22.5%
Indirect stake in Floene
Intended joint control
The agreement remains conditional. This price is not Floene's full enterprise value. Detailed governance arrangements remain undisclosed. Source 1
- EBITDA
- €105.580m
- Net income
- €16.391m
- Net debt
- €613.185m
- Investment
- €45.197m
- Active consumption sites
- 1,124,482
- Network length
- 14,014 km
Whole-group historical figures. They are not the acquisition price or a forecast. Source 2
What to watch
Required approvals, an actual closing announcement and any public clarification of governance arrangements.