- Equinor sold 12.9 million shares in Scatec for 1.6 billion Norwegian crowns ($169 million).
- The sale completes a divestment first announced on Monday, April 13.
- The transaction could create short-term selling pressure on Scatec's stock.
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Equinor sells $169 million stake in solar firm Scatec
Norway's Equinor ASA said on Tuesday it has sold 12.9 million shares in solar energy group Scatec ASA for around 1.6 billion Norwegian crowns ($169.31 million), completing a transaction first flagged on Monday.
"This divestment is in line with our strategy to optimize our portfolio and free up capital for investments in our core areas," an Equinor spokesperson said in a statement.
The sale of the 12.9 million shares represents Equinor's entire remaining stake in the Norwegian solar power producer. The transaction was priced at approximately 124 Norwegian crowns per share.
The exit of a major shareholder could create short-term selling pressure on Scatec's stock, which is listed on the Oslo Stock Exchange. For Equinor, the capital reallocation is expected to support its focus on core oil and gas projects alongside focused investments in renewable energy.
The sale represents a strategic shift for Equinor, prioritizing its core business while realizing gains from its investment in Scatec. Investors will be watching Scatec's stock performance to see the impact of Equinor's exit and who the new buyers of the stake are.
This article is for informational purposes only and does not constitute investment advice.
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