Norwegian aquaculture manufacturer AKVA Group has ended the sale of its wholly-owned subsidiary Wise lausnir ehf to Advania Holding hf.
In a statement, AKVA said that it and Advania had agreed to terminate the transaction due to challenges in obtaining approval of the transaction by the Icelandic Competition Authority on acceptable terms.
The sale, which would have totaled almost ISK 1.5 billion (USD 11.9 million, EUR 10.6 million), was initially agreed in September last year, with AKVA saying that the Wise business was outside of its strategic focus areas. The expectation was that clearance for the sale to Advania would be received during Q4 2018 or Q1 2019.
Headquartered in Reykjavík, Iceland, Wise provides enterprise reporting planning (ERP) and business management software and related services.
AKVA said that it is now in the process of evaluating other strategic options for the business.
Meanwhile, AKVA’s Land Based arm has appointed a new sales manager. Lars Rohold will join the existing sales team on 1 August.
Based out of both Fredericia and Trondheim, he will focus on sales in the Nordic region.
