Italgas agrees to buy Floene stake and Italgas stock loses 1.08 percent

Published on 10/05/2026 at 11:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Floene deal values equity at EUR 120.00 million, pending approvals. Italgas stock costs EUR 8.21 on October 5, 2026 after EUR 8.30, minus 1.08 percent.

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Italgas stock (ISIN IT0005211237) was trading at EUR 8.21 at Lang & Schwarz on October 5, 2026 at 11:10 a.m. CEST, down 1.08 percent from the prior close of EUR 8.30. On October 2, 2026, Italgas signed a binding agreement to acquire a 22.50 percent stake in Portugal's Floene, according to Italgas.

Floene expands the growth map

The agreement covers the acquisition of Meet Europe Natural Gas, which holds the Floene stake, from Marubeni Corporation and Toho Gas Co. Ltd. The equity value is EUR 120.00 million, while completion depends on approvals from the competent authorities, the company said in its October 2, 2026 release.

Floene operates Portugal's gas distribution network and serves approximately 1.1 million active users across residential and industrial segments. Its network covers around 14,000 kilometers, giving Italgas a route into a new regulated infrastructure market if the transaction closes.

Investment plan sets a larger benchmark

The deal fits Italgas's 2026-2032 Strategic Plan, which commits EUR 13.00 billion to infrastructure development. According to Italgas, that investment total is 14.60 percent higher than the previous plan, with EUR 0.50 billion earmarked for gas-distribution acquisitions.

The strategic plan projects cumulative regulated asset base growth of 4.70 percent annually from 2025 through 2032, reaching EUR 21.70 billion by 2032. It also confirms 2026 guidance and the dividend policy, making the Floene transaction a capital-allocation test against a broader infrastructure program.

Regulation remains the counterweight

UBS kept a Buy recommendation but cut its Italgas price target to EUR 10.60 from EUR 11.00 on September 15, 2026, according to MarketScreener. The report linked the revision to proposed changes in the Italian gas-distribution regulatory framework from 2028, while leaving UBS estimates for 2026 and 2027 unchanged.

That target is EUR 2.39 above the Lang & Schwarz price, or 22.55 percent above it, using the two prices in their respective currencies. The next scheduled reporting date is October 29, 2026, when Italgas plans to present third-quarter results, according to the company's investor-relations page.

Italgas stock tracks the deal backdrop

Italgas was trading at EUR 8.21 at Lang & Schwarz on October 5, 2026 at 11:10 a.m. CEST, minus 1.08 percent versus the EUR 8.30 prior close of October 2, 2026. The finance snapshot puts the 52-week range at EUR 7.80 to EUR 11.30 and market capitalization at EUR 8.4 billion as of October 5, 2026. The further course of trading is shown by the continuously updated real-time quote of Italgas stock.