The merger between salmon farming companies SalMar ASA and Norway Royal Salmon ASA (NRS) has been finalised.
In a statement filed with the Oslo stock exchange, Frøya, Norway-headquartered SalMar said that it had acquired all the outstanding shares in NTS ASA, which owns NRS.
Through the merger, SalMar will absorb all the assets, rights, and obligations of NRS, which is dissolved.
NRS shareholders will receive merger consideration consisting of 0.303933 shares in SalMar and NOK 52.84 in cash for each NRS share that they own.
SalMar has also issued 17,851,550 new shares as a merger consideration, with its new share capital of NOK 33,912,887.25 divided into 135,651,549 shares.
It had previously stated that it expects the merger to facilitate improved capacity utilisation of the companies’ combined maximum allowable biomass (MAB) and site portfolio, as well as the implementation of operational excellence, which in turn should provide better biological results and lower production costs.
Also in connection with the clearance from the European Commission, SalMar has undertaken a commitment to divest its 16,346,824 shares in Arctic Fish Holding AS, currently held by NRS, that will be assumed by SalMar upon completion of the merger.
These shares represent approximately 51.28% of the shares and votes in the Icelandic salmon farming company, with Mowi ASA already lined up to acquire these shares for a price of NOK 115 per share.
