Salmar to buy 75% of RaumaGruppen26 May, 2010 –
THE Norway based salmon farming company, SalMar ASA has agreed the conditions for the purchase of 75% of a smaller company, Raumagruppen AS.
RaumaGruppen has 8 licenses for salmon farming in Central Norway (in the counties of Møre and Romsdal) in addition to hatchery and smolt production activities. RaumaGruppen also owns 51% of Vikenco AS, a company engaged in primary and value added processing.
RaumaGruppen harvested 6,400 tonnes gutted weight in 2009, had a turnover of NOK 366 million and profits (EBIT) of NOK 41 million.
SalMar will purchase 100% of the shares in Reistad Eiendom AS, a company owning 73,08% of the shares in RaumaGruppen AS as well as 2,46% directly from other shareholders in RaumaGruppen AS. The purchase price for the shares is estimated at NOK 316,2 million. The transaction is subject to a due diligence process, the establishment of a sale and purchase agreement, regulatory approval as well as board approval in both SalMar ASA and Reistad Eiendom AS.
Salmar recently reported record first quarter profits of £16.6 million (NOK 153 million) and owns 50% of the UK based salmon farming company, Scottish Sea Farms.