(Hegnar.no): On Thursday afternoon it was announced that Lerøy Seafood Group ASA has signed an agreement with Aker Capital AS and Aker Capital II AS to acquire 53,501,793 shares in Havfisk ASA, and 62,293,254 shares in Norway Seafoods Group AS, .
Lerøy has also committed to purchase an additional 1,026,632 shares in Havfisk from Fausken Invest AS. The latter implies that deepsea chairman and Akers CFO Frank O. Reite selling its shares in Havfisk.
The purchases represent 64.4 and 73.6 percent of the total share capital respectively. Havfisk and Norway Seafoods and includes the total shareholding to Aker Capital AS, Aker Capital AS II and Fausken Invest in those companies.
Lerøy, which already is the world’s second largest producer of Atlantic salmon, expanding the business by focusing on groundfish.
Eriksen: – An acknowledgment
The transactions are subject to the Industry and Fisheries Ministry and the competition authorities approve the transactions.
– Aker has received and accepted an offer from Leroy to sell its shares in Havfisk and Norway Seafoods. This is a recognition of both the harvesting company and processing company of a leading exporter of seafood from Norway, says CEO Øyvind Eriksen comments.
Aker has been industrial shareholder in Norwegian fisheries since 1996 and Eriksen notes that ownership continued by an industrial owner with ambitions for Norwegian seafood industry.
– The change of ownership feels sad, but also makes possible opportunities. Aker has been a good and long-term owner for 20 years. We expect Lerøy as owner. The companies complement each other. Leroy is a leader in salmon, Havfisk provides access to premium ingredients from cod, saithe and haddock, and Norway Seafoods an owner with core expertise in sales, marketing and distribution, said GEC Bjarne Kristiansen of Norway Seafoods in a statement.
Price tag: 3.2 billion
Aker has sold shares of over two billion, of which approximately 1.6 billion is net profit.
The purchase price paid according Lerøy cash after the necessary regulatory approvals are obtained.
The implementation triggers a mandatory offer for the remaining outstanding shares in Havfisk at 36.50 per share. Leroy also intends to provide a voluntary offer for the remaining outstanding shares in Norway Seafoods 1.00 per share. The price will thus be the same as Aker is offered and accepted.
The total price for 100 percent of the shares in both companies will account for 3.2 billion.
Getting Money
The issue was carried out through an accelerated bookbuilding process after closing yesterday, and was “significantly oversubscribed.” The interest expressed standing from both existing shareholders and new institutional investors.
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