Norwegian oil and gas firm Equinor has acquired Danish power and natural gas trading firm Danske Commodities (DC) for 400 million euros ($468 million).
The transaction supports Equinor’s strategy to move from being an upstream oil and gas company to becoming a broad energy company and follows similar deals by its peers in Europe.
DC’s trading platform and geographic footprint will support Equinor’s strategy through leveraging DC’s material trading position in electricity and natural gas, and will probably contribute to optimizing sales of Equinor’s increasing electricity production.
The company said its investments in new energy solutions were in the region of $500-750 million or 5-8 percent of a total capex of $9.4 billion in 2017.