The boards of directors of Lerøy Seafood Group ASA (LSG) and BioMar AS have entered into an agreement to the effect that LSG will purchase 50.71% of the shares in Havbruk AS.
Sjøtroll Havbruk AS is active in the production of fry/smolt and farming of fish for consumption, and also slaughtering and processing. The company's farming of fish for consumption is provided by 25 salmon and salmon trout-farming licences.
Sjøtroll Havbruk AS also has a 27.5% shareholding in the breeding company SalmoBreed AS. It has an annual forecast for 2011 of 26,000 gutted weight tonnes of salmon and salmon trout.
The company has about 250 employees. The shares are being bought for NOK 540 million (€67.8 million/$92.2 million), which is equivalent to an enterprise value as at August of NOK 1.3 billion (€163.2 million/$222.1 million) on a 100% basis. NOK 408.5 million (€51.3 million/$69.8 million) of the cost of the shares is being paid in cash, while the remainder is being paid in the form of 1 million shares in LSG at a share price of NOK 131.50 (€16.50/$22.46).
The transaction is planned for mid-November 2010.
