AKVA Group to buy majority shareholding of UNI Aqua Published: 13 August, 2007
AQUACULTURE technology firm AKVA group has announced that it has entered into a letter of intent with Scheel & Urup Holding for the acquisition of 85% of the shares of UNI Aqua, a Danish private limited company. The parties have started negotiations for the acquisition of the remaining 15%.
The letter of intent is binding but may be terminated if material findings are made during the pending due diligence examinations.
UNI Aqua AS is an important and leading supplier of aquaculture recirculation technology with expertise within both marine and fresh water recirculation. The market for this technology is growing significantly at the moment and is expected to continue with a significant growth in the future.
AKVA group says that the acquisition would add volume to the freshwater part of the salmon value chain and create an important inroad to global non-salmon markets (both marine and fresh water).
The agreed consideration for the shares is DKK 11,730,000 which is conditional upon the EBITDA and revenue of the target company satisfying agreed levels. An additional consideration, earn-out, could become payable for 2008, 2009 and 2010.
The parties intend to complete the acquisition in September 2007.
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