LONDON, UK / ACCESSWIRE / July 10, 2018 / If you want access to our free research report on Equinor ASA (NYSE: EQNR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EQNR as the Company's latest news hit the wire. On July 06, 2018, the Norway-based Company announced that it has struck a deal to buy 100% of the shares in Danish energy trading company, Danske Commodities (DC), for approximately EUR 400 million plus additional performance-related payment. The deal supports Equinor's development towards becoming a broad energy company. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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In 2017, DC traded 318 terawatt hours of electricity across 37 countries equal to more than two times Norway's annual electricity consumption, and 389 terawatt hours of gas across 18 countries, around one third of total Norwegian gas production.
Deal Details
The transaction is subject to certain conditions, including European Commission approval. Following the closing of the transaction, Danske Commodities' Chief Executive Officer, Henrik Lind, will continue to lead the business for at least 12 months. The senior management group will remain in place, ensuring continuity for customers, employees and counterparties.
Strategic Benefits of the Deal
The acquisition supports Equinor's move from being an upstream oil and gas company to becoming a broad energy company. Equinor aims to build a material industrial position in profitable renewable energy, and plans to invest 15% to 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' Trading Platform and Geographic Footprint will Support Equinor's Strategy
Commenting on the acquisition, Jens Økland, Executive Vice President for Marketing, Midstream, and Processing at Equinor, stated that Danske Commodities’ trading platform and geographic footprint will support the Company's strategy through leveraging DC's material trading position in electricity and natural gas.
Jens added that Danske Commodities' success has been due to their agility, entrepreneurialism, and speed to market.
Under Equinor's Ownership, Danske Commodities will Benefit from a Stronger Financial Position across Europe
Henrik Lind mentioned that under Equinor's ownership, Danske Commodities will benefit from a stronger financial position and a portfolio of gas and renewable assets across Europe that can be optimized in the short-term dynamic market and give the Company further trading opportunities.
Henrik added that Equinor will have an owner with big ambitions in renewables that can accelerate its ability to scale and make investments, and whose values and people are a strong match and fit with our own.
About Equinor ASA
Headquartered in Stavanger, Norway, Equinor is an international energy company present in more than 30 countries worldwide, including several of the world's most important oil and gas provinces. Founded in 1972 under the name Den Norske Stats Oljeselskap AS-Statoil, it changed its name to Equinor in 2018.
About Danske Commodities
Founded in 2004 and based in Aarhus, Denmark, DC is an independent energy trading house, trading power and gas across borders and supporting its customers through tailor-made services targeting renewable producers, conventional assets, and energy suppliers.
Stock Performance Snapshot
July 09, 2018 - At Monday's closing bell, Equinor's stock rose 2.37%, ending the trading session at $27.62.
Volume traded for the day: 659.37 thousand shares.
Stock performance in the last month - up 2.03%; previous three-month period - up 12.05%; past twelve-month period - up 69.24%; and year-to-date - up 28.94%
After yesterday's close, Equinor's market cap was at $91.59 billion.
Price to Earnings (P/E) ratio was at 18.78.
The stock has a dividend yield of 3.33%.
The stock is part of the Basic Materials sector, categorized under the Major Integrated Oil & Gas industry. This sector was up 1.5% at the end of the session.
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