Norwegian energy company Equinor has completed its acquisition of energy trading house Danske Commodities for $459m, having received all required regulatory approvals.

Equinor described Danske Commodities, which is also involved in green certificates trading, short-term gas trading and energy market services, as “one of Europe’s largest short-term electricity traders”.

Equinor executive vice president Irene Rummelhoff said: “The acquisition of Danske Commodities strengthens our ability to capture value from our production of renewable electricity and supports our aim to grow in profitable new energy solutions. DC’s market presence and expertise in energy trading complements Equinor’s position as the second-largest supplier of natural gas to Europe and as one of the world’s largest net-sellers of crude oil.”

Dankse Commodities will become a wholly-owned subsidiary of Equinor, but will continue to operate under its own name and brand. It will collaborate across operational and commercial activities with Equinor.

With the closing of the deal, Equinor will transfer all power and certificates trading activities to Danske Commodities’ base in Aarhus, Denmark. Danske Commodities will continue gas trading in Aarhus with Equinor in London, UK.

Equinor senior vice president Tor Martin Anfinnsen said: “We are delighted to welcome Danske Commodities to Equinor as we take another step in our journey towards becoming a broad energy company.

“We are excited to work with Danske Commodities’ people, trading platform, and geographic footprint to expand our renewables business and achieve significant scale in power and gas trading.”

Danske Commodities CEO and founder Henrik Lind added: “This is an exciting new chapter for both companies. Together, we see immediate opportunities to support Equinor’s renewables portfolio, grow trading capacity and build flexibility in both power and gas – and this is just the beginning.”