Norwegian salmon farming group SalMar ASA has entered into an agreement with Aker Capital AS to purchase Aker’s 15% ownership stake in offshore aquaculture company SalMar Aker Ocean AS (SAO). The settlement consists of 1 million SalMar shares and a cash consideration of NOK 76 million.
In a statement, SalMar said that offshore aquaculture offers promising growth opportunities both domestically and globally.
“Following extensive evaluations and discussions, the two partners, SalMar and Aker, have concluded that the technological development and opportunities for offshore/semi-offshore aquaculture, both within and outside Norway, can be more effectively managed as an integrated part of the SalMar group. The same goes for evaluating technical and regulatory frameworks across locations and production areas,” it said.
SalMar’s statement also confirmed that Roy Reite and Trine Sæther Romuld, the CEO and CFO of SalMar Aker Ocean, respectively, have found it natural to step down as the company is incorporated and managed as a wholly-owned subsidiary of SalMar.
Anders Fjellheim will become the new Managing Director of the company.
The transaction values SAO at NOK 4.33 billion on a 100% basis. SalMar, which already owns 85% of SAO, is purchasing Aker’s shares for NOK 650 million. Of this amount, 1 million shares are valued at NOK 574 million, equivalent to NOK 574 per share. As a result, Aker will become a 0.75% owner in SalMar.
