Faroese now own all of Northern Link’s shares.
In a financial bulletin from the Oslo Stock Market, Bakkafrost reports that on Tuesday it completed the acquisition of 151 million shares in The Scottish Salmon Company from private equity firm Northern Link.
As a consequence of this, the company now own approximately 77.8% of all of the shares in issue in SSC.
Faroese fish farming giant acquired 68.6% of the Scottish Salmon Company in late September.
The purchase price paid to Northern Link was EUR 374 million. This represents a purchase price of NOK 28.25 per share in SSC. The additional shares in SSC acquired by Bakkafrost in the market during the last week have also been acquired at a price of NOK 28.25 per share.
70% of the purchase price due to Northern Link was settled in cash on Tuesday and the remaining 30% ie. EUR 112 million has been financed by a seller’s credit.
Subject to Bakkafrost’s extraordinary general meeting called for on 18 October, the seller’s credit will be settled through the issue of 2,256,470 new shares in the Faroese salmon farmer (based on a subscription price of NOK 500 per share).
The seller’s credit will be settled in cash if the general meeting does not grant the board such authority.
Bakkafrost will then make a mandatory cash offer for the remaining shares in SSC no later than the 31st October.