AKVA group ASA: AKVA group ASA enters into agreement to acquire Newfoundland Aqua Service Ltd.
AKVA group ASA ("AKVA") has signed a share sale and purchase agreement with the majority shareholders of Newfoundland Aqua Service Ltd. ("NAS") to acquire approximately 70 % of the common shares in NAS (the "Transaction"). AKVA and the majority shareholders of NAS have also agreed a mutual option to buy/sell additional 28.5 % of the shares in NAS. The option is exercisable in a limited period in 2023.
NAS is the leading supplier of fish farming services in Newfoundland and Labrador on the east coast of Canada, offering both net services on land and marine services at sea to the fish farmers in the region. The Transaction will significantly strengthen AKVA’s presence in a region with significant growth projections for salmon farming in the years to come, and is an important step in AKVA’s ambition to become the preferred aquaculture technology and service provider on the east coast of Canada. The Transaction is expected to yield synergies with AKVA’s existing service operations in the region, as well as better position AKVA for sale and delivery of systems and solutions across the pen based product portfolio.
Completion of the Transaction is subject to fulfilment of certain customary completion conditions and completion is expected during Q1 2020.
Dated: 30 January 2020
AKVA group ASA
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CONTACTS:
| Knut Nesse | Chief Executive Officer |
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| Simon Nyquist Martinsen | Chief Financial Officer |
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This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
