Austevoll Seafood ASA on Tuesday announced that it has agreed to merge its North Atlantic pelagic operations with Norway Pelagic ASA.
If the deal goes through, Austevoll will receive shares in Norway Pelagic as compensation. Both companies provisionally agreed that more than 2.7 million shares in Norway Pelagic will be issued in compensation to Austevoll as part of the transaction, which if completed will increase the ownership of Austevoll in Norway Pelagic from 33 percent to 43 percent.
"The merger will facilitate a competitive group with significant opportunities for exploitation of large scale synergies within the areas of production and processing, sales and distribution, and with capacities for further growth," said Austevoll in a statement.
Austevoll Fisk AS is involved in the purchase, production and export of pelagic fish. Austevoll Fisk AS currently owns 60 percent of the shares of Sir Fish AS localized at Sirevåg, 100 percent of Austevoll Fiskeindustri AS, 66 percent of Modolv Sjøset AS localized at Træna, 50 percent of North Capelin Honningsvåg AS and 25 percent of Shetland Catch Ltd. The company's salmon processing operation within Austevoll Fiskeindustri AS is not included in the merger.
