June 22, 2011

Norway's Salmar to buy Villa Miljolaks

Norwegian salmon farmer Salmar ASA agreed to buy 100% of the shares in local sector player Villa Miljolaks AS for NOK14 million (US$ 2.5 million).

Villa Miljolaks has some NOK100 million (US$18.2 million) in net debt and leasing commitments.

The company expects a harvest volume of some 2,500 tonnes gutted weight in 2011, of which some 1,700 tonnes in the second half of the year.

Villa Miljolaks has three fish-farming licences and a R&D licence that runs until the end of 2012.

Completion of the transaction is conditional on due diligence, board approval and clearance from the competition authorities. The takeover date is set for July 11.