AKVA group ASA has entered into a letter of intent with the owners of Idema Aqua AS for the acquisition of 100% of the shares of Idema Aqua AS, a Norwegian limited company.
Idema Aqua AS is the leading supplier of aquaculture lighting systems and net cleaning technology. The company has operations in Norway (Haslum, Stord and Hitra), UK and Chile. For AKVA group ASA this is a strategically important acquisition based on following main points;
- Enhancement / broadening of the product portfolio
- The products have global potential and are considered important for deliveries to tropical waters.
- Adding volume into existing distribution network
The letter of intent is binding but may be terminated if material findings are made during the pending due diligence examinations.
The agreed consideration for the shares is NOK 61,300,000 which is conditional upon the EBITDA and revenue of the company satisfying agreed levels.
The parties intend to consummate the acquisition in May 2008.
Bryne, 14 March 2008
AKVA group ASA
Web: www.akvagroup.com
CONTACTS:
Knut Molaug, Chief Executive Officer
Phone: +47 51 77 85 40
Email: kmolaug@akvagroup.com
Rolf Andersen, Chief Financial Officer
Phone: +47 51 77 85 48
E-mail: randersen@akvagroup.com
AKVA group is the leading provider of technology to the fish farming industry and the only with global distribution. The products consist of software, sensor systems, feed systems and cage systems.
