Bankinter | Enagás has announced the purchase of a 31.5% stake in Teréga for €573 million from GIC. Teréga is one of the two operators of the gas transmission system in France, managing a network of 5,100 km of gas pipelines in the south-west of the country. Teréga operates 16% of the French gas transmission network and 27% of the national storage capacity. Teréga’s network is connected to Enagás’s via two international interconnections. In its presentation of the transaction, Enagás estimates that the acquisition will make an average annual positive contribution of €40 million to the group’s cash flow over the period 2027–2032 and €14 million to net profit. Enagás maintains that the acquisition is fully compatible with its green hydrogen investment plan and its dividend policy. It estimates the return on investment at approximately 8% on the capital invested.
Analysts’ view: Although, according to Enagás’ calculations, the acquisition will have a positive impact on the group’s cash flow of €40 million per year on average over the 2027–2032 period (€530 million estimated pre-Teréga) and €14 million on net profit (€250m estimated pre-Teréga), it increases the group’s leverage in the short term (4.0x Net Debt/EBITDA in 2026 pre-Teréga vs 4.6x post-Teréga). At current market prices, the dividend yield is 6.0%.
