Norwegian salmon producer SalMar announced that it has agreed to acquire approximately 70 per cent of the share capital in aquaculture firm Måsøval from Heimstø.
Under the terms of the agreement, SalMar will acquire 85,727,553 shares at NOK39.50 ($4.045) per share, valuing the transaction at approximately NOK3.4 billion. This acquisition is expected to provide a stronger platform for continued growth in Central Norway, where both companies share a common heritage on Frøya.
In a statement, SalMar projected that the deal will deliver improved resource utilisation and infrastructure, whilst facilitating long-term value creation. The transaction values the entire share capital of Måsøval at approximately NOK4.84 billion.
The payment comprises a cash consideration and 733,906 SalMar shares, which represent 10 per cent of the total price and are valued at NOK461.40 per share based on the July 6 closing price on Euronext Oslo Børs.
As part of the agreement, Heimstø has been granted a right to sell these consideration shares back to SalMar at the same valuation, exercisable for 12 months from completion.
SalMar Chief Executive Officer Frode Arntsen stated that the transaction is subject to regulatory approvals and other customary conditions, which are now commencing. Following completion, SalMar will ensure minority shareholders can realise their shares at the matching price of NOK39.50 per share.