Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Aquaculture cages developed by AKVA Group. (Photo: AKVA)

AKVA agrees on acquisition of Egersund Net

Click on the flag for more information about Norway NORWAY
Wednesday, May 16, 2018, 23:00 (GMT + 9)

AKVA Group has entered into a letter of intent with Egersund Group regarding the acquisition of all shares in Egersund Net AS with the aim of developing optimal solutions for the complete fish farming life cycle.

“Our customers are expecting nothing but the best, and by joining forces we will have the best basis for strengthening our combined value proposition which will make our customer interactions and interfaces more efficient. This will also enable us to accelerate the development work to optimize our total cage, net and mooring solutions,” pointed out AKVA group’s CEO Hallvard Muri.

The final purchase price will depend on among others customary adjustments for the net debt and working capital of Egersund Net AS at completion of the transaction.

Of the final purchase price, 70 per cent is expected to be settled by issuance of 7.5 million shares in AKVA to Egersund Group AS and the remaining 30 per cent, subject to any completion adjustments, is expected to be settled by cash payment financed by existing facilities.

Egersund Net AS complements AKVA's product and service offering, by adding nets and moorings to the portfolio.

AKVA’s Board considers that Egersund Net's technology, products and expertise will be given access to a wider geographical area through AKVA's global presence and distribution channels.

The combined force within technology and development will accelerate the work towards delivering efficient and cost-effective solutions for the aquaculture industry, ensuring both optimal fish welfare and the highest levels of productivity.

AKVA informed that the pro-forma revenues for the acquired business are preliminarily estimated based on figures reported by Egersund Net AS, which were NOK 586 million (USD 72.5 million) and NOK 603 million (USD 74.7 million) for 2016 and 2017, respectively.

Similarly, the pro-forma adjusted EBITDA for the corresponding years is preliminarily estimated as NOK 88 million (USD 10.9 million) and NOK 76 million (USD 9.4 million).

For 2018, revenues are expected to grow by 10-15 per cent with an EBITDA margin in the range of 14-16 per cent, excluding any synergies from combining the businesses.

"We have strong belief in Egersund Net and in AKVA group on a stand-alone basis, but even stronger belief in them together. To participate in the value creation from this acquisition, taking a high proportion of the settlement in shares, is a prerequisite. Assuming we will reach a final agreement, we will own approximately 62 per cent of AKVA group. We still have a long term goal to be a majority owner in AKVA," stressed the chairman of AKVA and 50 per cent owner of Egersund Group, Hans Kristian Mong.

Assuming final agreement on the transaction is reached, it is expected to be completed in the third quarter 2018.
 
editorial@fis.com
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
South Korea
Jun 23, 03:00 (GMT + 9):
Bluefin tuna farmed in South Korea to reach the market soon
Singapore
Jun 23, 02:50 (GMT + 9):
Aquatech start-up raises USD 8.2 million for research and development
South Africa
Jun 23, 01:50 (GMT + 9):
Green light given to proposed aquaculture project in Saldanha Bay
India
Jun 23, 01:00 (GMT + 9):
New aquaculture complex will help black tiger shrimp industry to bounce back
United Kingdom
Jun 23, 00:50 (GMT + 9):
Young’s Seafood to increase sales to US after deal with Albertsons
United Kingdom
Jun 22, 23:10 (GMT + 9):
Young's Seafood fails to retain Asda significant contract
European Union
Jun 22, 22:50 (GMT + 9):
Spanish tuna fleet offers EC to use responsible fishing standard
United States
Jun 22, 22:30 (GMT + 9):
Maryland to grant USD 375,000 to promote blue crab industry
France
Jun 22, 21:40 (GMT + 9):
Stef expands logistics operations through Express Maree purchase
Canada
Jun 22, 19:40 (GMT + 9):
IN BRIEF - Marine Harvest | Northern Harvest update: No-Action Letter from the Canadian Competition Bureau
Germany
Jun 22, 19:00 (GMT + 9):
Neither meat nor fish, vegan burger patties quickly and easily
United States
Jun 22, 06:00 (GMT + 9):
IN BRIEF - Deep-Sea Corals Win Protection in Gulf of Mexico
United Kingdom
Jun 22, 06:00 (GMT + 9):
IN BRIEF - Wyred for success: Scottish salmon farm wins top M&S accolade
United States
Jun 22, 03:00 (GMT + 9):
Fishermen affected by hurricanes and fishing disasters to be granted USD 200 million
Republic of Ireland
Jun 22, 02:00 (GMT + 9):
Fire causes serious damage to processing plant



Lenguaje
FEATURED EVENTS
  
TOP STORIES
SeaPak joins the Global Seafood Initiative platform
United States SeaPak Shrimp & Seafood Company a leading firm in the retail market of frozen shrimp in the United States, has joined the Global Sustainable Seafood Initiative platform as a funding partner.
NASCO adopts measures to protect salmon around the Faroe Islands and off West Greenland
European Union The North Atlantic Salmon Conservation Organisation has adopted new regulatory measures to protect salmon stocks around the Faroe Islands and off West Greenland.
Fishing deal with China would settle maritime dispute
Philippines A joint fishing agreement reportedly being discussed between China and the Philippines is deemed a significant step forward in the relations between the two countries after an old maritime sovereignty dispute.
China's retaliatory tariffs concern Alaska seafood entrepreneurs and legislators
United States Alaska’s seafood industry officials and legislators have expressed concern about the possible negative effects additional export tariffs from China may have on the state’s seafood economy as a retaliation due to the measures set by the American Government.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2018 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER