Norwegian energy giant Equinor has reached an agreement to acquire Danish energy trading company Danske Commodities for €400m ($470m).
Danske Commodities is one of Europe’s largest short-term electricity traders and is also active in gas trading. Equinor says the acquisition supports its development towards becoming a broad energy company.
Jens Økland, executive VP for marketing, midstream and processing at Equinor, commented: “Danske Commodities’ trading platform and geographic footprint will support our strategy through leveraging DC’s material trading position in electricity and natural gas. Their success has been due to their agility, entrepreneurialism and speed to market. We look forward to welcoming their talented workforce to the Equinor group.”
Danske Commodities will continue to be led by CEO Henrik Lind for at least 12 months from the closing of the transaction which is subject to European Commission approval.