Equinor Completes EUR 2.2 Billion Ørsted Buy-In

Equinor has completed the acquisition of a 10 per cent stake in Ørsted, announced this October. The share purchase, which cost Equinor USD 2.3 billion (around EUR 2.2 billion), establishes the Norway-based global energy player as Ørsted’s second-largest shareholder, after the Danish State which holds a controlling stake.

On 7 October, Equinor said it had acquired 41,197,344 shares in Ørsted, corresponding to a 9.8 per cent stake in the company, and that it intended to increase its ownership to 10 per cent, subject to obtaining regulatory approvals under applicable Foreign Direct Investment regulations.

The company said in October that its ownership position was built over time, through a combination of market purchases and a block trade.

On 23 December, Equinor published an update saying that, after receiving the regulatory approvals, it acquired the additional 0.2 per cent shareholding in Ørsted, which corresponds to 840,764 shares.

“The volume weighted average price for the 10 percent stake is DKK 398.5 per share equaling a total consideration of USD 2.3bn based on a USD/DKK exchange rate of 7.15”, Equinor states.

When the company announced the acquisition of the 9.8 per cent stake, its CEO said Equinor had a long-term perspective and that it is supportive of Ørsted’s strategy and management, and is not seeking board representation.

“This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets. The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development”, Anders Opedal, CEO of Equinor, said in October 2024.

“This investment is in line with Equinor’s strategy of value driven growth in renewables. The offshore wind industry is currently facing a set of challenges, but we remain confident in the long-term outlook for the sector, and the crucial role offshore wind will play in the energy transition.”

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