LISBON, February 23, 2026 — The Portuguese Competition Authority (AdC) has decided to open an in-depth investigation (Phase II) into the proposed acquisition by Linde Portugal, S.A. of exclusive control over Acaíl, S.A., in the markets for industrial and medical gases.
The AdC stated that, based on the information gathered to date, it cannot exclude that the transaction may be likely to create significant impediments to effective competition in the national market or part of it.
Linde Portugal is part of the international Linde group, which is active in the supply of industrial and medical gases across various sectors. In Portugal, the group also provides home healthcare services — including respiratory care, equipment rental and sales, and rehabilitation services — through Linde Saúde, Lda.
Acaíl is likewise active in the supply of industrial and medical gases and in the provision of home healthcare services, including respiratory care, clinical monitoring and technical support.
According to the AdC, preliminary findings indicate that the transaction may raise competition concerns. In particular, horizontal effects may arise in the national markets for packaged industrial gases, medical gases and home respiratory care services, notably due to the elimination of the competitive pressure currently exerted between Linde and Acaíl.
The preliminary investigation also points to the possibility of vertical foreclosure effects, particularly at the level of wholesale gas supply to operators competing with Linde and Acaíl in downstream retail markets but dependent on them for wholesale supply.
The decision to proceed to Phase II does not constitute a final decision on the transaction. Under the Competition Law, the AdC initiates an in-depth investigation where it considers that additional analysis is necessary. At the conclusion of this phase, the authority may either clear the transaction — as notified or subject to commitments — if it concludes that it does not significantly impede effective competition, or prohibit the transaction if it finds that it is likely to create significant impediments to effective competition, to the detriment of intermediate and/or final users.
