Norwegian aquaculture equipment supplier Akva Group has sold its Icelandic software subsidiary Wise for ISK 915 million (€6.7 million/$7.4 million) to Icelandic company Centera.
Akva, which divested all its shares in the wholly owned subsidiary, will also receive a dividend worth ISK 197 million (€1.5 million/$1.6 million) that was approved prior to the sale, as soon as Wise receives approval from the Icelandic tax authorities.
Akva decided to sell off Wise because the business does not fit the company's strategic focus, it said. The company sees the opportunity in re-allocating its capital and management resources to its core business.
Some members of the management within Wise received a transaction bonus of ISK 19.5 million (€143,799/$157,177) in aggregate paid by Wise itself, however, there are no deals for the benefit of senior employees or members of the board of Akva.
Earlier this June, Akva dropped plans to sell Wise to Advania "due to challenges in obtaining approval of the transaction by the Icelandic Competition Authority on acceptable terms," Akva said in a statement.