Norway’s Equinor will pay €400m ($468m) for energy trader Danske Commodities, in a deal the oil & gas group said helps it make the transition to “a broad energy company” that can capture value from an increasing flow of renewable power.

Aarhus, Denmark-based Danske Commodities traded 318TWh across 37 countries last year and is one of Europe’s largest short-term electricity traders, said Equinor, which recently changed its name from Statoil.