Today’s news / Norlys halts expansion to consolidate assets
Niels Duedahl speaks at the Municipal Policy Summit in Aalborg in March 2023. Niels Duedahl is the CEO of Norlys. (Archive photo). Photo: Bo Amstrup/Ritzau Scanpix

Norlys halts expansion to consolidate assets

Norlys, an energy and telecommunications conglomerate, has grown tremendously through mergers and acquisitions over the past two decades. However, following the acquisition of Telia’s Danish mobile business, CEO Niels Duedahl announced a pause in the company’s expansion to focus on consolidating existing assets up to 2027. Norlys aims to fully integrate and capitalize on identified synergies within its portfolio, which includes a strong footing in both the electric-green and digital value chains, serving a combined three million customer relationships. Duedahl emphasized the need for a broad base as future value creation is uncertain and considers their diverse portfolio a form of risk management. With their recent acquisition of the fiber network from utility company GEV in Grindsted, the organization reported a pre-tax profit of DKK 398 million for 2023, in addition to DKK 797 million distributed to shareholders as rebates.