23.12.2015 12:36:35: AKVA group ASA : AKVA group contemplating acquisition of AD Offshore AS
AKVA group ASA has entered into a letter of intent regarding a possible acquisition of a majority stake in aquaculture farming services provider AD Offshore AS. The parties aim to complete customary due diligence investigations and negotiations of a final purchase agreement by mid-February 2016, and if final terms are agreed to complete the transaction by the end of February 2016. A transaction is expected to be settled in cash.
AD Offshore AS is a leading provider of aquaculture farming services in the Norwegian county’s Hordaland and Rogaland, and in 2014 had earnings of NOK 86.0 million (2013: NOK 54.0 million), profits after tax of NOK 18.1 million (2013: NOK 6.8 million) and total assets of NOK 48.7 million (2013: NOK 31.6 million).
About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 690 employees, offices in 8 countries and a total turnover of NOK 1.2 billion in 2014. We are a public listed company operating in one of the world’s fastest growing industries and supply everything from single components to complete installations, both for cage farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through
more than 30 years. The Corporate Headquarter is in Bryne, Norway.
Date: 23 December 2015