NTS merges with Frøy Group and becomes Norway Royal Salmon's largest shareholder

NORWAY
Tuesday, December 10, 2019, 17:10 (GMT + 9)

The board of NTS ASA announced that it has entered into an agreement with Gåsø Næringsutvikling AS to carry out a merger with the Frøy Group.

The Frøy Group is owned by Gåsø Næringsutvikling, which in turn is owned by Helge Gåsø and his family. Helge Gåsø is a primary insider and chairman of the Board of Directors of Norway Royal Salmon (NRS) and through Gåsø Næringsutvikling AS owns a shareholding of 6 993 188 shares in NRS, corresponding to 16.05 % of the shares in the company.

Signing of agreement in Trondheim December 9, 2019: From left CEO Harry Bøe and chairman Roger Granheim in NTS ASA and owners in Gåsø Næringsutvikling AS, Helge Gåsø and Anders Gåsø.

The merger with NTS is contingent on a number of conditions, including approval by the General Meeting of NTS and approval from the Norwegian Competition Authority. If the conditions are met, NTS will take over the shares owned by Gåsø Næringsutvikling AS and become the NRS' largest single shareholder.

NORWAY ROYAL SALMON major shareholders

Upon completion of the transaction, NTS will own 66 service vessels, 16 well boats and four ships in maritime transport (numbers including newbuildings).

"For Gåsø Næringsutvikling and Frøy Gruppen, we consider joining our business in NTS as exciting. This creates a great foundation for the further development of NTS as a leading company in the aquaculture service. The fact that it also farms makes it extra interesting. We have a long time horizon, and see the transaction as a way to secure jobs and activity in all geographical areas in which the merged company today operates," said Helge Gåsø in a report from NTS.

Photo: NTS

NTS is listed on the stock exchange and is priced at around NOK 4.5 billion. Their most important holdings today are the fish farming company Mid-Norsk Aquaculture and the wellboat company Norsk Fisketransport.

The transaction is expected to be completed during the first quarter of 2020.

Norway Royal Salmon ASA is not a party to the agreement between Gåsø Næringsutvikling and NTS ASA.

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