Norwegian seafood company, Mowi, has entered into a share purchase agreement to purchase 100% of the shares in K. Strømmen Lakseoppdrett AS.
K. Strømmen Lakseoppdrett is a Norwegian salmon farming company with four licences, each with a maximum allowed biomass of 780 tonnes, for sea-based salmon production in Bremanger municipality, Sogn og Fjordane.
The potential acquisition strengthens Mowi’s position in an area already core to the company’s Region Mid, and supports its long-term strategy of being an integrated producer of seafood proteins.
The acquisition price on a cash and debt free basis is NOK790 million of which 30% will be settled through issuing new Mowi shares and 70% in cash. The subscription price for the consideration shares will equal the volume weighted average trading price of the shares in Mowi on the five business days prior to the closing date.
The transaction is subject to approval by the Norwegian competition authorities and customary closing conditions.
