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
Mexico
Mar 23, 02:50 (GMT + 9):
Initiative launched to strengthen fight against illegal traffic of totoaba
United Kingdom
Mar 23, 01:40 (GMT + 9):
The Scottish Salmon Company commissions 6-boat building contract to local firm
European Union
Mar 23, 01:00 (GMT + 9):
European Council grants UK Brexit extension period
United Nations
Mar 23, 00:30 (GMT + 9):
FAO and Iceland partner focusing on fisheries and 'blue growth'
Kenya
Mar 22, 23:30 (GMT + 9):
Chinese farmed tilapia gains further room in Kenyan market
Spain
Mar 22, 23:30 (GMT + 9):
Spanish fleet gets over 2,300 additional tonnes of mackerel thanks to exchanges
Spain
Mar 22, 22:50 (GMT + 9):
Spain becomes Bafelgó's second bluefin tuna market
Viet Nam
Mar 22, 22:30 (GMT + 9):
Seafood companies urged to take advantage of trans-Pacific partnership
Chile
Mar 22, 21:00 (GMT + 9):
Supreme Court confirms shipowners must use SERNAPESCA's electronic traceability system
Canada
Mar 22, 20:30 (GMT + 9):
Pacific herring with egg quota declines yoy
Malaysia
Mar 22, 19:50 (GMT + 9):
IN BRIEF - Government approves MYR 418, 000 for Labuan fishermen housing financial aid
Viet Nam
Mar 22, 19:50 (GMT + 9):
IN BRIEF - Việt Nam’s marine development strategy introduced in Malaysia
Philippines
Mar 22, 19:00 (GMT + 9):
IN BRIEF - 'Fish kill' crop loss blamed on extreme weather
India
Mar 22, 19:00 (GMT + 9):
IN BRIEF - Indian-occupied Kashmir opens hospital to treat fish
United States
Mar 22, 19:00 (GMT + 9):
IN BRIEF - Petition seeks moratorium on large aquaculture leases



Lenguaje
FEATURED EVENTS
  
TOP STORIES
AZTI seeks to help trawler fleet adapt to landing obligation
Spain The AZTI technology centre is to study the selectivity in bottom trawl fisheries in order to minimize the catches of unwanted fish.
Total fresh and frozen tuna imports fall in January
Japan Total fresh and frozen tuna imports in January dropped in volume and in value compared to last December but grew over those in January, 2018.
Maine’s cod capture value plummets
United States Maine’s cod fishery has declined to the point that it had its least valuable year in more than a half-century in 2018, which experts attribute to overfishing as well as possible environmental factors.
New minister analyzes new fishing right implementation with fishermen's unions
Peru New Production Minister Rocio Barrios Alvarado said that the new rates of fishing rights, which will come into force this year, will be defined in an objective, technical and transparent manner.
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
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
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
Marona S.A.
Mowi ASA (formerly 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 - Headquarters
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 - 2019 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER