SEAS-NVE acquires Radius in a $3bn transaction.

SEAS-NVE, a Copenhagen, Denmark-based energy and fibre-optic infrastructure company, announced that it has acquired Ørsted's electricity distribution business (Radius), retail customer business and exterior lighting.

The deal was made for DKK 21.3bn ($3.1bn) on a cash and debt-free basis.

The acquisition means that SEAS-NVE may push the energy system in an even greener direction. As a result of the acquisition, SEAS-NVE is strengthened by 750 employees from Ørsted.

The deal includes the following:

Radius : Supplies approximately 1 million homes and businesses in the Copenhagen area, North Zealand and parts of Central Zealand via an electricity network of approximately 19,000 km.

Private customer business : Sells electricity to approximately 717,000 electricity customers, gas to approximately 105,000 gas customers and heating to approximately 44,000 customers.

Outdoor Lighting: Drives and maintains approximately 145,000 street lights.

The acquisition ensures SEAS-NVE the scale needed to accelerate the green transition. This is done, among other things, by strengthening the energy system so that it can handle much more fluctuating electricity consumption and the continued rising electricity generation from wind turbines, solar cells and other decentralized production. At the same time, extensive electrification of the transport sector places new demands on the electricity grid.

SEAS-NVE, founded about 100 years ago, has transformed from a traditional electricity company to a group with several business areas, which includes infrastructure for both fiber networks and electric cars as well as energy trading within electricity and gas as well as research into new business opportunities such as energy storage.

The transformation is reflected in the Group's financial results. In the past five years, from 2013 to 2018, revenue has almost doubled to DKK 7.3 billion ($1bn).