Lundin Energy Aims to Become Renewable Leader via M&A

Norway’s Aker BP last year struck a deal to buy Lundin’s oil and gas business in a $14 billion cash and stock transaction, leaving the Stockholm-listed company with only renewable assets.

Nerijus Adomaitis, Reuters

Sweden’s Lundin Energy plans to use funds from divesting its petroleum business for mergers or acquisitions (M&A) to become an industry leader in renewable energy, its incoming CEO said on March 7.

Norway’s Aker BP last year struck a deal to buy Lundin’s oil and gas business in a $14 billion cash and stock transaction, leaving the Stockholm-listed company with only renewable assets. The deal is expected to close in June.

Lundin said it aimed to grow the renewable business into “an industry-leading energy company,” with scale and sufficient cash flow to provide a steady increase of shareholder returns.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access