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HB Grandi cleared for $34 million acquisition

Shareholders also approved a name change for Iceland's second-largest seafood company.

Stock listed-Icelandic seafood giant HB Grandi on Thursday announced its shareholders overwhelmingly approved the proposed acquisition of several seafood groups that will give the Icelandic giant a major foothold in Asia.

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The proposed acquisition of Icelandic Japan, Icelandic Hong Kong, Icelandic China Qingdao Trading from Utgerdarfelag Reykjavikur, along with an Icelandic services company, Seafood Services, was approved by a vote of 88.85 percent to 11.15 percent.

Under the terms of the deal, which required both board and shareholder approval, HB Grandi will pay Utgerdarfelag Reykjavikur new shares in the company worth $34.9 million. The share price transaction of ISK 33 per share.

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The purchase price is dependent on the new subsidiaries delivering operating results. If the company delivers earnings before interest, taxation, depreciation and amortization (EBITDA) of below $8.3 million (10 percent from the operating plan), the price will be reduced. If EBITDA exceeds $9.2 million, the price will remain unchanged.

In addition to the deal, shareholders also approved the name change of the group from HB Grandi to Brim.

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