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The company is the exclusive property of K. Strømmen Holding AS

Mowi announces a Purchase Agreement for the salmon company K. Strømmen Lakseoppdrett AS

Click on the flag for more information about Norway NORWAY
Friday, July 19, 2019, 14:30 (GMT + 9)

Mowi has signed a Share Purchase Agreement to take control of 100% of the shares of K. Strømmen Lakseoppdrett AS

K. Strømmen Lakseoppdrett AS is a Norwegian salmon farming company with four licenses, each with a maximum allowed biomass of 780 tonnes, for sea-based salmon production in Bremanger municipality, Sogn og Fjordane.

Illustration of the Rugsund map in Bremanger, where the aquaculture company K Strømmen Lakseoppdrett has its sites.

This acquisition will strengthen the position in an area already core to Mowi Region Mid, and supports our long-term strategy of being a world leading and integrated producer of seafood proteins.

The acquisition price on a cash and debt free basis is NOK 790 million (USD 92.48 million). Thirty percent of the purchase price will be settled through issuing new Mowi shares and 70% of the purchase price will be settled in cash.

Photo: K. Strømmen Lakseoppdrett AS

The subscription price for the consideration shares will equal the volume weighted average trading price of the shares in Mowi on the five business days prior to the closing date.

K. Strømmen Lakseoppdrett AS was founded by the farmed pioneer Kristen Strømmen in 1972 and produces annually around 5,500 tonnes of Atlantic salmon with a turnover of NOK 250 million (USD 29 milllion) and 17 employees.

The transaction is subject to the approval of the Norwegian competition authorities and the usual closing conditions.

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