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Enagas said on Tuesday that the acquisition remains subject to the customary closing conditions for this type of transaction, including the necessary regulatory authorization.
The Spanish firm expects to close the acquisition during 2026.
Enagas noted that Terega, which operates in southwestern France, has approximately 5,100 kilometers of gas pipelines and two underground storage facilities, representing roughly 16 percent of the French gas transmission network and 27 percent of the national storage capacity.
Terega’s network is connected to Enagás’s network via two international connections.
The transaction is fully aligned with Enagás’s strategic plan and will bring benefits to both companies and both countries, strengthening security of supply, Enagas said.
“It will also contribute to progress toward decarbonization goals, while maintaining the independence of both operators, in coordination with the French and Spanish governments and regulators,” it said.
The combined technical capabilities of Enagás and Terega will allow for projects to be undertaken with a regional and “efficiency-driven” approach among adjacent transmission system operators (TSOs), the company added.
Enagas operates a large network of gas pipelines in Spain and has three wholly-owned LNG import plants in Barcelona, Huelva, and Cartagena.
It also owns 75 percent of the Musel LNG facility, 50 percent of the BBG regasification plant in Bilbao, and 72.5 percent of the Sagunto plant, while Reganosa operates the Mugardos plant.
Quarterly results
Enagas also announced its results for the first quarter of 2026, with recurring net profit after tax (NPT) as of March 31 reaching 56.9 million euros, “on track” to meet the 2026 annual target of 235 million euros.
This NPT figure does not include the capital gain derived from the sale of 40 percent of Enagas Renovable, which will be recorded in the second quarter of 2026, it said.
Ebitda reached 147.6 million euros during this period, and is “on track” to meet the target of 620 million euros by year-end, taking into account the projected schedule of expenses and revenues.
According to Enagas, the Spanish total transported demand, including total natural gas demand plus exports, reached 103.2 TWh in the first quarter of 2026, 4.2 percent higher than in the first quarter of 2025.
Total natural gas demand in Spain increased by 3 percent during this period, primarily due to the growth in demand for gas for electricity generation (24.0 percent).
Compared to the same period in 2025, exports increased by 15.6 percent in the first quarter of this year, driven by increased LNG vessel loadings—especially for bunkering—and increased pipeline exports to Europe, Enagas said.