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Equinor Increases Stake in Ørsted to 10% as Planned
Equinor has successfully increased its stake in Danish energy company Ørsted to 10%, following its initial announcement in October. The acquisition was completed after receiving necessary regulatory approvals.
Equinor, the Norwegian oil giant, has successfully increased its stake in Danish energy company Ørsted to 10%, as initially planned. This move follows Equinor's announcement in October regarding its intention to acquire a significant share in Ørsted, a leading offshore wind farm developer. The acquisition was finalized after receiving the necessary approvals under Foreign Direct Investment (FDI) regulations.
Equinor initially purchased a 9.8% stake in Ørsted and has now acquired an additional 0.2%, bringing its total ownership to 10%. The shares were bought at a volume-weighted average price of 398.5 Danish crowns per share, amounting to a total consideration of approximately USD 2.3 billion, based on an exchange rate of 7.15 Danish crowns per U.S. dollar.
This strategic investment aligns with Equinor's broader goals of expanding its presence in the renewable energy sector, particularly in offshore wind energy, which is a key component of its transition strategy towards more sustainable energy solutions. Ørsted, known for its significant contributions to the development of offshore wind farms, represents a valuable partner for Equinor in this endeavor.
The completion of this acquisition marks a significant milestone for Equinor as it continues to diversify its energy portfolio and strengthen its position in the renewable energy market.
Articles published about this story
- reuters.comreuters.com
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