Lerøy acquires stake in Sjøtroll Havbruk
Lerøy Seafood Group ASA on Tuesday acquired a 50.71 percent interest in Norwegian salmon farmer Sjøtroll Havbruk AS from Danish fish feed maker BioMar AS.
Expected to be finalized by mid-November, the deal is valued at NOK 540 million (USD 91.2 million, EUR 67.7 million) — NOK 408.5 will be paid in cash, while the remainder will be paid in the form of 1 million shares in Lerøy at a price of NOK 131.5 per share.
Sjøtroll Havbruk holds 25 salmon and salmon trout-farming licenses, and once the purchase goes through Lerøy will hold a total of 130 salmon and salmon trout-farming licenses in Norway. With about 250 employees, Sjøtroll Havbruk is also a processor and owns a 27.5 percent stake in the breeding company SalmoBreed AS.
This year, Sjøtroll Havbruk is projected to produce 26,000 metric tons (gutted weight) of salmon and salmon trout.
“As a result of the buyout, [Lerøy’s] central activities in the areas of fish-farming, processing, sales and distribution allow it to benefit from significant synergies,” the company said in a statement.All Supply & Trade stories >