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Norwegian well boat company acquires salmon farmer

Company controls the entire value chain for salmon with 10 farming licenses, ownership in hatcheries, cleaner fish production, a processing plant and sales unit.

Norwegian company NTS ASA, which owns the well boat company Norsk Fisketransport, signed an agreement to acquire all shares in the salmon farmer Midt-Norsk Havbruk.

As part of the deal the owners of Midt-Norsk Havbruk will become the largest shareholder in NTS.

The shares in Midt-Norsk Havbruk transferred to NTS for a consideration in the form of 48,504,296 shares in NTS ASA.

This constitutes around two thirds of the shares in NTS after completion of the transaction.

Completion of the transaction is conditional on a reciprocal, limited due diligence, competition law clearance and approval of more than two thirds of shareholders present at the extraordinary general meeting of NTS.

The transaction values the equity of Midt-Norsk Havbruk at to NOK 1,430 million (€156.3 million/$167.7 million) based on the closing share price in NTS.

Midt-Norsk Havbruk currently has 10 ordinary salmon farming licenses and two research and development licenses, and an expected production in 2017 of 15,000 metric tons.

The company controls the entire value chain for salmon with ownership in hatcheries, cleaner fish production, a processing plant and sales unit.

In 2017, Midt-Norsk Havbruk invested in Fiskeldi Austfjarda with a 14.83 percent stake. Fiskeldi Austfjarda is a farming company in Iceland under construction.

“Upon completion of the transaction with Midt-Norsk Havbruk, NTS will consolidate their position and integrate current activities in a value chain that includes the farming of salmon,” the company said in a statement.

NTS 2016 results (in million NOK)

 

2016 (unaudited)

2015

Change

Revenues458644-28.9 %
Operating profit (EBITDA)130157-17.2 %
EBIT118145-18.6 %
Result before taxes118153-22.9 %
Harvest volume (GTW)8,90016,900-47.3 %
Net debt1027241.7 %
Total assets5895673.9 %
Total equity35826933.1 %
Operating margin25.8%22.5%14.4 %

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