Rising energy costs in Asia have prompted a shift in how Japanese firms allocate capital toward European energy infrastructure. Italgas, Europe's largest gas distributor, agreed to buy a 22.5% stake in Floene, the largest gas network in Portugal, for approximately €120M. The Italian company will acquire the position from Marubeni and Toho Gas to obtain joint control of the utility, a price that implies a total equity valuation of €530M for Floene.

The Portuguese network operates roughly 14,000 km of pipes and serves 1.1M customers, including the Lisbon area. The acquisition remains subject to regulatory approval. The exit of Japanese investors from this distribution asset aligns with a broader movement of capital from European pipelines toward American LNG supplies as commodity prices swing.