Equinor has reached agreement to buy 100% of the shares in Danish energy trading company Danske Commodities (DC) for € 400 million. DC was founded in 2004 and is based in Aarhus, Denmark, with 284 employees. In 2017 it traded 318 terawatt hours of electricity across 37 countries and 389 terawatt hours of gas across 18 countries.
The transaction supports Equinor’s move from being an upstream oil and gas company to becoming a broad energy company. Equinor is building a material industrial position in profitable renewable energy, and expects to invest 15-20% of its capital expenditure in new energy solutions by 2030. The transaction will enable both Equinor and DC to create value along the full electricity value chain and provide DC with a partner that supports their growth plans. Danske Commodities’ CEO Henrik Lind will continue to lead the business for at least 12 months after the transaction closes.
