Equinor said it completed the EUR 400 million acquisition of Danske Commodities after having received all required regulatory approvals.
The acquisition – of one of Europe’s largest short-term electricity traders – supports Equinor’s development as a broad energy company, the company said in a statement.
The trading company is also active in short-term gas trading, green certificates trading and provides energy market services.
“The acquisition of Danske Commodities strengthens our ability to capture value from our production of renewable electricity and supports our aim to grow in profitable new energy solutions. DC’s market presence and expertise in energy trading complements Equinor’s position as the second-largest supplier of natural gas to Europe and as one of the world’s largest net-sellers of crude oil,” said Irene Rummelhoff, Equinor’s executive vice president for marketing, midstream and processing.
“We are delighted to welcome Danske Commodities to Equinor and look forward to working together with our new colleagues to shape the future of energy,” said Rummelhoff.
As a wholly-owned subsidiary of Equinor, Danske Commodities will continue to operate under its own name and brand while increasingly collaborating across relevant commercial and operational activities with Equinor.
The transaction also includes smaller contingent payments depending on DC’s performance over the next couple of years.