August 1, 2011 

 

Morpol divests Culmarex S.A.

 

 

Morpol has reached an agreement to sell Culmarex to Cooke Aquaculture Inc. for a total enterprise value of EUR48.7 million (US$69.4 million).

 

The transaction will reduce Morpol's net debt by approximately EUR40 million. Culmarex is currently classified as assets held for sale in Morpol's financial statements and will be deconsolidated from July 1.

 

"We are very happy to place Culmarex in the hands of an owner that will focus on continued growth of the business going forward. We see Cooke Aquaculture as an excellent fit with Culmarex. At the same time the divesture will enable Morpol to emphasise its focus on its core strategy and operations," says Morpol CEO Jerzy Malek.

 

"We are always looking for strategic development and investment opportunities in the seafood sector," says Glenn Cooke, CEO of Cooke Aquaculture. "This purchase gives us the unique opportunity to enter into the farming of seabass and seabream in Spain by working with one of the best performing players in this industry. We see tremendous synergies between the two companies and look forward to working with this highly professional team and diversifying our business as a fully integrated aquaculture company."

 

The closing of the transaction is due to take place at the end of July 2011.

 

ABG Sundal Collier Norge ASA has been engaged as financial advisor and Advokatfirmaet Selmer DA has been engaged as legal advisor in relation to the transaction.

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