Norway’s AKVA group ASA has acquired 100% of the shares in fellow Norwegian aquaculture farming services company, YesMaritime AS, for NOK 17.5m (US$2.9m).
AKVA says the acquisition is a “natural” step in its strategy to strengthen its position in the service segment to the aquaculture industry.
Trond Williksen, CEO, AKVA group ASA, said: “We expect the market for farming services to the aquaculture industry to grow in the coming years as well as we will see a consolidation of the players.”
“Through this acquisition AKVA group ASA will be well positioned to participate in this development. YesMaritime AS also holds significant synergies with our existing activity,” he added.
NOK 8.5m (US$1.4m) of the purchase price will be paid in cash on completion. The remaining NOK 9m (US$1.47m) will be settled in the form of a two-year seller credit from Egersund Group AS on market terms and conditions.
The completion of the transaction is set to take place at the end of Q1 2014.
YesMaritime was set up in 1985 and has become one of the largest aquaculture farming service companies in Norway.
