AKVA group cancels sale of its Icelandic software subsidiary to Advania

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Didn’t get approval from authorities.

In a press release, AKVA announced that it and Advania have today agreed to terminate the transaction agreement due to challenges in obtaining approval of the transaction by Iceland’s Competition Authority on acceptable terms.

Last September, the Norwegian aquaculture equipment supplier signed an agreement to sell Wise lausnir to Advania Holding for EUR 8,2 million. Though that was conditional authorities greenlighting the sale.

AKVA is now in the process of evaluating other strategic options for Wise.

Wise’s business activities have for some time been considered to be outside the AKVA Group core area which is the reason the IT company was put up for sale. Wise lausnir has 80 employees.