Prior notification of a concentration (Case M.12438 – ENAGÁS INTERNACIONAL / SNAM / TERÉGA) – Candidate case for simplified procedure
Date: 2026-06-25
Institutions: Directorate-General for Competition, European Commission
Subjects: Europe, economic concentration, energy transport, investment company, merger control, natural gas, storage of hydrocarbons








C_202603369EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/3369


25.6.2026






Prior notification of a concentration
(Case M.12438 – ENAGÁS INTERNACIONAL / SNAM / TERÉGA)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/3369)


1.   
On 16 June 2026, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Enagás Internacional, S.L.U. (‘Enagás Internacional’, Spain), controlled by Enagás, S.A. (‘Enagás’, Spain),










—


SNAM, S.p.A. (‘SNAM’, Italy), ultimately controlled by Cassa Depositi e Prestiti S.p.A. (Italy),










—


Teréga S.A.S. (France), currently jointly controlled by SNAM and Raffles Infra Holding Limited (‘Raffles’, United Kingdom).




Enagás Internacional and SNAM will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Teréga.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


Enagás Internacional is active in the acquisition, subscription, holding, management and disposal of shares in the capital of other companies and of equity and fixed-interest securities. Enagás is a certified Transmission System Operator for natural gas in Spain and the Technical Manager of the Spanish gas system,










—


SNAM is active in gas transportation, regasification and storage in Europe. It controls the main certified Transmission System Operator for natural gas in Italy. In addition, it holds shareholdings in other European operators active in similar activities.






3.   

Teréga, a certified Transmission System Operator, is active in the transport and storage of natural gas in France.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2), it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12438 – ENAGÁS INTERNACIONAL / SNAM / TERÉGA
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2026/3369/oj
ISSN 1977-091X (electronic edition)