Press Release 05/2026
February 23, 2026

The Portuguese Competition Authority (AdC) has decided to initiate an in-depth investigation (Phase II) into the concentration consisting of the acquisition by Linde Portugal, S.A. of sole control over Acaíl, S.A.
The decision was adopted on the basis that, considering the elements gathered to date, it cannot be excluded that the merger may be liable to result in significant impediments to effective competition in the national market or in a substantial part thereof.

The merger
The acquiring undertaking forms part of the international Linde group, which is active in the supply of industrial and medical gases to a wide range of sectors. In Portugal, it is also active in the provision of home healthcare services — namely 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.

Potential competition concerns
The investigative steps carried out to date indicate, on a preliminary basis, that the merger 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 as a result of the elimination of the competitive constraint currently exercised between Linde and Acaíl.
Furthermore, the preliminary investigation suggests the possibility of vertical foreclosure effects, particularly at the level of wholesale supply of gases to operators competing with Linde and Acaíl in downstream retail markets, but which rely on their wholesale supply.

The decision
The decision to open a Phase II investigation does not constitute a final decision on the merger.
Under the Portuguese Competition Act, the AdC opens an in-depth investigation where it considers that additional investigative steps are required.
At the end of this phase, the AdC may:

• Decide not to oppose the merger, if it concludes that, as notified or following commitments submitted by the parties, it is not liable to result in significant impediments to effective competition in the relevant markets; or
• Prohibit the merger, if it concludes that it is liable to result in significant impediments to effective competition, to the detriment of intermediate and/or final consumers.