Equinor Buys Into ?rsted; TotalEnergies Becomes Majority Owner of Two Danish Projects; Iberdrola Completes Avangrid Takeover

Over the past several days, there were a few major M&A updates from the global offshore wind industry and these were also some of the most-read news on offshoreWIND.biz. Catch up with the latest business news from Equinor and ?rsted, TotalEnergies, and Iberdrola and Avangrid in our recap ??

Equinor Completes EUR 2.2 Billion ?rsted Buy-In

Equinor has bought a 10 per cent stake in ?rsted in a transaction valued at USD 2.3 billion (around EUR 2.2 billion), establishing the Norway-based global energy player as ?rsted’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 ?rsted, 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.

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

TotalEnergies Takes Majority Ownership of Two Danish Offshore Wind Projects

TotalEnergies has acquired a majority stake in Jammerland Bay and Lilleb?lt South offshore wind farms in Denmark from European Energy and SONFOR.

Under the deal, TotalEnergies obtained 85 per cent of the share capital in the 240 MW Jammerland Bay and 72.2 per cent of the share capital in the 165 MW Lilleb?lt South offshore wind projects.

European Energy and SONFOR will continue to be minority owners of Lilleb?lt South, and European Energy will continue to be a minority owner in the Jammerland Bay offshore wind farm.

Both wind farms are part of the nine open-door projects that were confirmed by the Danish Energy Agency in December 2023.

The projects have received construction permits from the Danish Energy Agency, giving the green light for the construction of the two offshore wind farms.

Avangrid to Delist from New York Stock Exchange as Iberdrola Completes Full Takeover

Iberdrola has completed the 100 per cent acquisition of Avangrid after the Spanish renewable energy company obtained the approval of the New York Public Service Commission to acquire the shares it did not already own in its US subsidiary.

Avangrid has now become a private company and its shares ceased trading on the New York Stock Exchange (NYSE).

Iberdrola held an 81.6 per cent stake in Avangrid and launched an offer at the beginning of this year to buy the remaining 18.4 per cent in the Connecticut-headquartered company. Avangrid’s shareholders approved the acquisition in September when Iberdrola said the transaction was valued at USD 2.55 billion (about EUR 2.4 billion).

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