ADIA Exits Germany’s Top Gas Grid Operator with €920mn Deal as Snam Sharpens Hydrogen Ambitions

In a move that underscores Europe’s shifting energy infrastructure landscape, Italy’s Snam has agreed to acquire a 24.99% stake in Open Grid Europe (OGE) from the Abu Dhabi Investment Authority’s (ADIA) infrastructure arm for €920 million. The transaction, announced on Monday, marks the exit of one of the Gulf’s most influential sovereign wealth funds from Germany’s largest natural gas transmission operator—just as the region intensifies its pivot toward low-carbon gases.

The deal—structured through the sale of ADIA’s wholly owned subsidiary Infinity Investments’ stake in OGE’s parent company Vier Gas Holdings—is subject to customary regulatory approvals. If cleared, it will bring Snam closer to full control of one of Europe’s most critical gas networks at a time of rapid strategic recalibration in European energy markets.

Strategic Repositioning on Both Sides

ADIA’s exit from OGE comes 13 years after its initial investment in 2012, during a wave of sovereign capital deployments into Eur…