Norwegian seafood firm Marine Harvest has signed a deal to sell its farming operations on the Shetland and Orkney Islands in Scotland to Canada-based Cooke Aquaculture for £122.5m.
The two units are estimated to have a combined harvest volume of 17,400 GWT this year.
The sale is part of Marine Harvest's move to comply with the EU Commission requirements for the approval of Morpol transaction in September 2013.
Marine Harvest gained full control of Polish salmon processing firm Morpol in November last year.
The latest transaction, which is subject to EU approval, is expected to close in the second quarter.
Based on the 2013 balance sheet, the sale is expected to provide the company with savings of around NOK300m, and is likely to increase the potential dividend capacity for the first quarter.
Arctic Securities has provided financial advisory services, while Wiersholm and Brodies acted as provided legal advisors for Marine Harvest on the deal.
