NTS merges with Frøy group: Aquaculture service giant becomes the largest owner in NRS

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Large transaction in Norway.

The board of NTS has today entered into an agreement with Gåsø Næringsutvikling to merge with the Frøy Group. The merger also includes Gåsø Næringsutvikling’s shareholding in listed salmon farmer Norway Royal Salmon (NRS), which represents 6,993,188 shares, corresponding to 16.05 per cent of the shares in NRS, according to a stock exchange announcement from fully integrated aquaculture group NTS.

The Frøy Group is owned by Gåsø Næringsutvikling, a company controlled by Helge Gåsø family. Gåsø is also chairman of the board of NRS.

Throughout the transaction, NTS will significantly strengthen its position both in salmon farming and in service services to the aquaculture industry.

“The merger strengthens NTS’s position as a large and strong mid-Norwegian aquaculture group within the aquaculture and service sector for the aquaculture industry in Norway,” said NTS CEO Harry Bøe.

“We regard NRS as a good and well-run company, and as the largest shareholder we want to support the company’s development in the future, and hope Helge Gåsø can continue as chairman of NRS,” added NTS chairman Roger Granheim.

The chairman and principal owner of Gåsø Næringsutvikling, Helge Gåsø, said he was satisfied with the agreement.

“For Gåsø Næringsutvikling and Frøy Group, we consider the joining of our businesses in NTS as exciting. This creates a great foundation for further development of NTS as a leading company in the aquaculture service. The fact that it also farms fish makes it extra interesting. We have a long time horizon, and see the transaction as a way to secure jobs and activity in all geographical areas in which the merged company currently operates,” said Gåsø.

Upon completion of the transaction, NTS will own 66 service vessels, 16 wellboats and four ships in maritime transport (numbers including newbuilds).

When the transaction is completed, NTS will becomes the largest shareholder in NRS, which owns 34,746 tonnes of maximum permitted biomass for salmon farming in West Finnmark and Troms, Northern Norway.

In addition, the group holds minority interests in three affiliated Norwegian salmon farming companies, which together have ten licenses. It also owns Arctic Fish in Iceland, which holds licenses for 11,000 tonnes of salmon.