Galp, Moeve Plan to Form Two New Energy Platforms via Merger of Downstream Units

05:41 AM EST, 01/08/2026 (MT Newswires) -- Galp Energia (GALP.LS) and Spain-based Moeve entered into a nonbinding agreement to potentially combine their downstream portfolios to create two leading energy platforms in Iberia and the wider Europe. Under the plan, the companies would create an industrial platform, IndustrialCo, focusing on refining, chemicals, trading, green molecules, and low-carbon fuels for business-to-business clients and a mobility platform, RetailCo, focusing on retail fuel for retail and mobility customers, according to a Thursday joint release. The Portuguese energy company said separately it would hold more than 20% stake in IndustrialCo, while Moeve's shareholders, United Arab Emirates state-owned Mubadala Investment Co. and The Carlyle Group, would own a controlling interest. RetailCo would be co-controlled by the parties. A potential agreement could be signed by mid-2026, subject to final and binding agreements, corporate approvals, and regulatory clearances. The deal would, however, exclude Galp's other businesses, such as upstream, renewables, as well as supply and trading of oil, gas, and power.