Norwegian aquaculture technology firm Akva is purchasing a farming services subsidiary of Egersund Group for NOK 17.5 million (USD 2.8 million, EUR 2.1 million), according to a disclosure from Akva.
The subsidiary, YesMaritime, of Bergen, has been offering aquaculture farming services in Norway since 1985.
"We expect the market for farming services to the aquaculture industry to grow in the coming years as well as we will see a consolidation of the players," said Akva CEO Trond Williksen. "Through this acquisition AKVA group ASA will be well positioned to participate in this development."
The transaction needs a positive vote in an extraordinary general meeting, which Akve is arranging. If approved, Akva will settle NOK 8.5 million (USD 1.4 million, EUR 1 million) of the purchase price in cash, with the remaining NOK 9 million (USD 1.5 million, EUR 1.1 million) to be settled in the form of a two-year seller credit from Egersund Group.
