January 25, 2014
AKVA group to acquire YesMaritime for US$2.9 million
For a price of NOK17.5 million (US$2.9 million), AKVA group ASA has entered into an agreement with Egersund Group AS, to acquire 100% of the shares in the aquaculture farming services company YesMaritime AS.
YesMaritime AS was established in 1985 and has developed to become one of the larger aquaculture farming service companies in Norway. The company is operating out of Bergen and has 29 employees. Currently the company is operating six vessels providing a range of services to the fish farming industry in Western Norway.
NOK8.5 million (US$1.4 million) of the purchase price will be paid in cash on completion. The remaining NOK9 million (US$1.5 million) will be settled in the form of a two-year seller credit from Egersund Group AS on market terms and conditions. The completion of the transaction is subject to ordinary closing conditions including third party consents, and is expected to take place at the end of the first quarter of 2014.
Egersund Group AS previously has entered into an agreement to acquire 47.62% of the shares in YesMaritime AS from Rogaland Sjøtjenester AS, becoming the sole owner of YesMaritime AS. Egersund Group AS will partly settle the transaction with AKVA group ASA shares valued at NOK14.00 (US$2.30) per share, in effect reducing Egersund Group AS'' shareholding in AKVA group ASA with 343,550 shares.
The transaction between AKVAgroup ASA and Egersund Group AS is considered to be between related parties and will therefore require the consent of an Extraordinary General Meeting in AKVA group ASA pursuant to the Norwegian Public Limited Companies Act section 3-8.
"The acquisition of YesMaritime AS is a natural step in AKVA group ASAs strategy to strengthen the position in the service segment to the aquaculture industry. We expect the market for farming services to the aquaculture industry to grow in the coming years as well as we will see a consolidation of the players. Through this acquisition AKVA group ASA will be well positioned to participate in this development. YesMaritime AS also holds significant synergies with our existing activity" states Trond Williksen, CEO of AKVA group ASA.