January 25, 2022

Mowi ASA announces intention to launch voluntary offer for NTS ASA

Mowi ASA has announced that it intends to launch an offer to acquire all of the shares of NTS ASA at kr110 (US$12.22) per share, which will be settled 50% in cash and 50% in shares issued in Mowi.

Mowi has followed the NTS Group for several years and is impressed by how the employees, management team and owners have developed the NTS Group into one of the leading producers of Atlantic salmon in Norway and Iceland, the company said.

With a strong foundation in Central Norway, the NTS Group has grown into a fully integrated salmon farmer, producing 84 thousand GWT at production areas in Norway and Iceland.

"NTS' geographical footprint and competent organisation fit unusually well with Mowi's current operations and strategy. Together, we can maintain and create new jobs and further develop competence clusters along the Norwegian coastline, for the benefit of local communities," said Ivan Vindheim, chief executive officer of Mowi.

The offer suggests a total consideration for all of the shares of NTS of approximately kr13.8 billion (US$1.5 billion).

The offer price represents a premium of 18.3% over the closing price of the shares on January 14, 2022, of kr93.0 (US$10.33) and a premium of 23.9% over the average volume weighted share price during the last 30 trading days up to and including January 14, 2022, of kr88.8 (US$9.87).

The value of the consideration shares shall be based on the volume-weighted average price of shares in Mowi last 20 trading days prior to the launch of the offer.

- Mowi