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The combined group will have the potential to produce approximately 100,000 tonnes of salmon in Norway and 24,000 tonnes in Iceland
.
.
NRS announced Tuesday that it has entered into a share purchase agreement to acquire Salmo from NTSNor 100% stake, thus creating the sixth largest salmon farm in the world, producing approximately 100,000 tons of salmon and 24,000 tons of salmon in Norway and Iceland
.
.
The agreement was announced on September 30, when NTS made a deal with SalmoThe potential combination of nor and NRS initiates a strategic dialogue
.
.
The deal is for Salmonor's enterprise value (EV) is NOK 8,297 million (EUR 828.
7 million/USD 939.
2 million), while the purchase price at closing is estimated to be around NOK 6.
35 billion (EUR 634.
2 million/USD 718.
8 million)
.
7 million/USD 939.
2 million), while the purchase price at closing is estimated to be around NOK 6.
35 billion (EUR 634.
2 million/USD 718.
8 million)
.
The transaction will be financed through NRS' 68.
14% consideration shares and 31.
86% cash and is expected to be financed in whole or in part through NRS' outside private placement
.
14% consideration shares and 31.
86% cash and is expected to be financed in whole or in part through NRS' outside private placement
.
Salmonor is an integrated salmon farming company licensed in central Norway with a projected catch of 36,500 tonnes in 2022 and 39,000 tonnes in 2023
.
.
The NRS said it sees "enormous potential" for a merger between the two companies
.
"Our relationship with SalmoThe combination of nor is enthusiastic," said Klaus Hatlebrekke, interim CEO of NRS
.
He added that the merger will combine the operational capabilities of the organizations, which are "the most important foundations for continued growth and development"
.
.
"Our relationship with SalmoThe combination of nor is enthusiastic," said Klaus Hatlebrekke, interim CEO of NRS
.
He added that the merger will combine the operational capabilities of the organizations, which are "the most important foundations for continued growth and development"
.
Trude Olafsen, an independent board member of the NRS, said the deal created a sizable company "that will be at the forefront as the future of salmon farming takes shape, thereby fostering further growth and development in central and northern Norway
.
"
.
"
NRS' independent board hires an independent investment bank to test Salmonor express a fair opinion on the value of the transaction
.
The NRS expects to announce the outcome of this fairness opinion on January 13
.
.
The NRS expects to announce the outcome of this fairness opinion on January 13
.
Norwegian aquaculture group NTS bought a 68 percent stake in Norwegian Royal Salmon (NRS) last August after a bidding war with SalMar over ownership of the company
.
.
In early June, NTS won another bidding war, this time with salmon farmer SalmoNor, when it announced it would merge the operations of its wholly-owned subsidiary Midt-Norsk Havbruk
.
.
