Italian electricity and gas manufacturer Enel and Danish energy company SEAS-NVE have submitted bids for the acquisition of power company Orsted’s power distribution and residential customer businesses.

Orsted’s businesses could be worth approximately 2.5 billion euros ($2.9 billion).

The transaction is expected to help Enel branch out from Latin America and Southern Europe.

Orsted is divesting the businesses to focus on growing its international renewable energy operations.