Aquaculture supplier signs agreement for 70 per cent of the common shares in NAS, that makes fish cages, docks, boats & barges and more Newfoundland and Labrador.
In a statement on the Oslo Stock Exchange, AKVA group writes that it has signed a share sale and purchase agreement with the majority shareholders of Newfoundland Aqua Service (NAS) to acquire approximately 70 per cent of the common shares in NAS.
NAS makes fish cages, docks, boats & barges, nets and a full range of services. It also has a land net washing and disinfection facility and offers net manufacturing, testing, mending/repair and antifoulant treatment.
AKVA and the majority shareholders of NAS have also agreed on a mutual option to buy/sell an additional 28.5 per cent of the shares in NAS. The option is exercisable in a limited period in 2023.
The deal is expected to be completed in early this year.
“NAS is the leading supplier of fish farming services in Newfoundland and Labrador on the east coast of Canada, offering both net services on land and marine services at sea to the fish farmers in the region. The transaction will significantly strengthen AKVA’s presence in a region with significant growth projections for salmon farming in the years to come and is an important step in AKVA’s ambition to become the preferred aquaculture technology and service provider on the east coast of Canada. The Transaction is expected to yield synergies with AKVA’s existing service operations in the region, as well as better position AKVA for sale and delivery of systems and solutions across the pen-based product portfolio,” wrote AKVA.