Salmon giant to buy Shetland farmer.
Grieg Seafood Hjaltland UK Ltd has entered into an agreement to acquire Northern Aquaculture Ltd, also based in Shetland, for a total of £1.8 million (€2.1 million/$2.7 million).
The deal will result in the acquisition of four production sites on the west coast of Shetland, with total discharge consents of 2,900 tonnes.
Grieg said that in addition to securing increased volume and operational synergies, the transaction is beneficial from a bio security point of view.
It currently has production on two of the acquired sites under a contract growing agreement. This contract growing agreement will be terminated upon completion of this transaction.
The acquisition price for Northern Aquaculture Limited amounts to £1.1 million (€1.3 million/$1.7 million).As part of the transaction, Grieg Seafood Hjaltland is also taking over the equipment leasing with a remaining liability of £700,000 (€882,880/$1.1 million).
Grieg Seafood Hjaltland’s parent company Grieg Seafood ASA is one of the world’s biggest salmon and trout producers with an annual production capacity in excess of 80,000 tonnes gutted weight.
