PCA unconditionally clears Linde's acquisition of Acaíl after Phase II review

On June 24, 2026, the Portuguese Competition Authority (PCA) unconditionally approved Linde’s acquisition of Acaíl Gás, following a Phase II investigation.  The transaction joins Linde, a global leader in industrial gases, with Acaíl, a national gas producer.

The PCA raised horizontal and foreclosure concerns across a range of different gases.

RBB supported the Parties throughout Phase II by preparing economic evidence on competitive dynamics, links between production capacity of upstream raw materials and the affected markets, and the evolution of public procurement procedures.  The evidence demonstrated that the transaction would not give rise to horizontal nor foreclosure concerns, in any affected market.

The RBB team was led by Nuno AlvimNuno AlvimPartner, suported by a wider team including David HenriquesDavid HenriquesSenior Associate and Anthony ZhangAnthony ZhangAssociate Principal.  RBB worked alongside the Parties’ legal advisors DLA Piper and Telles, throughout the PCA’s investigation.