February 22, 2013
 

 

Fish farming technology AKVA group ASA entered into an agreement with the shareholders of Plastsveis AS, to acquire 70% of the shares in Plastsveis AS for a price of NOK 20 million (US$3.53 million).

The transaction is subject to final approval from the Norwegian competition authorities and is expected to be completed mid-March 2013, with operational effect from January 1, 2013.

AKVA group is the leading provider of technology to the global fish farming industry and the only with global distribution. The products consist of software systems, operational equipment and sensor systems, feed systems, cage systems, net cleaning systems, light systems and recirculation aquaculture systems. Norway-based Plastsveis AS provides PE equipment, installation and services to the fish farming, agriculture and other industries

"The acquisition is a natural step to strengthen the land based business area, and will give AKVA group a strong position in the market place when it comes to delivering a range of solutions for land based facilities to aquaculture. Plastsveis AS is a well-managed company with strong competence and operational capability in its field.  The company holds significant synergies with our existing land based activity as well as with our existing activities in Helgeland Plast AS" states Trond Williksen, CEO of AKVA group ASA.

AKVA group ASA and the owners of Plastsveis AS also hold a mutual option to buy / sell the remaining 30% of the shares in Plastsveis AS from January 1, 2016 onwards. The pricing of the remaining 30% of the shares is linked to the performance of the company over the next three calendar years.