NTS ASA, the parent company of Midt-Norsk Havbruk AS (MNH), has entered into agreements to purchase shares in Norway Royal Salmon ASA (NRS) and Havbruksinvest AS.
Through the new deals, MNH is buying Måsøval Eiendom AS and Måsøval Fishfarm AS's shares in NRS, with settlement in the form of shares in Ice Fish Farm AS. Using shares in Ice Fish Farm, it is acquiring Måsøval Eiendom AS's shares in Havbruksinvest.
“As an integrated aquaculture group, NTS ASA has set itself the goal of building a large business in aqua service and being an active participant in the production of 100,000 metric tons (MT) of salmon in Norway during a three- to five-year period,” NTS Chairman Nils Martin Williksen said.
The total purchase price for the shares in NRS and Havbruksinvest AS corresponds to NOK 1.3 billion (USD 144.2 million, EUR 121.4 million), and gives MNH 12.8 percent of the shares in NRS and 15.8 percent of the shares in Havbruksinvest, which owns 9.7 percent of the shares in NRS.
NTS already owns 16.2 percent of the shares in NRS.
MNH will no longer own shares in ICE Fish Farm AS. However, the agreement stipulates that if Ice Fish Farm AS achieves a license volume of 24,000 MT by the end of 2022, MNH is entitled to an additional fee of NOK 150 million (USD 16.6 million, EUR 14 million).
“We are currently increasing our exposure to Norwegian aquaculture and the company we believe is best positioned for further growth in the sector. NRS has good locations, an attractive license portfolio and will through significant investments in e.g. smolt plants make operations even better in the years ahead. Through Arctic Fish, the company also has a significant exposure in Iceland, which means that NTS ASA is still exposed to the exciting development there,” Williksen said. “Ice Fish Farm AS has been a good investment for NTS. We believe that by passing on the baton to Måsøval, with its experience on the east coast of Iceland, we are helping to create new opportunities and further growth for Ice Fish Farm AS.”
As previously reported by SeafoodSource, NRS and MNH recently terminated merger talks.
Photo courtesy of Norway Royal Salmon
