AKVA group has officially completed an intragroup merger with Submerged, the company announced.
AKVA first announced the merger on 30 June, with the company planning to acquire all assets, rights, and liabilities of Submerged, after which the latter company would be dissolved and deleted as a legal entity.
AKVA bought a majority stake in Submerged in August 2023, purchasing a 51 percent stake with an agreement to acquire up to 100 percent of the company by 2028. AKVA ended up acquiring the entire company ahead of that schedule and announced its plan as a means of simplifying the corporate structure of the group.
AKVA’s merger plan was approved by the board of directors of both AKVA and Submerged on 3 August, and the company registered the plan with the Norwegian Register of Business Enterprises. The merger was fully registered on 23 September, effectively dissolving Submerged into AKVA.
Submerged was founded in 2018 by Lars Martin Sandvik Aas and Håvard Lein Braa and developed a product portfolio focused on cameras and optical technology for enhancing the efficiency of aquaculture operations in Norway. Its primary products were Rolleye, a sensor that can measure and report on lice numbers and fish weight, and Quadeye, for counting and analyzing fish populations in rivers and estuarine systems.
