Måsøval completes acquisition of Vartdal

Frøya, Norway-headquartered salmon farmer Måsøval AS has completed the acquisition of Vartdal Gruppen from Vartdal Invest AS. The deal was first announced 17 November, 2021 and comprises the entities Aquafarms Vartdal AS, Vartdal Fiskeoppdrett AS, Urke Fiskeoppdrett AS, Western Seaproducts AS (processing), and Vartdal Fryseri AS.

In a filing with the Oslo Stock Exchange Oslo Børs, Måsøval confirmed the acquisition was finalized on 20 December 2021, and that the company had completed share capital increases that saw the seller subscribe for 4,761,904 new shares at an agreed subscription price of NOK 42 (USD 4.66, EUR 4.13) per new share, for a total subscription amount of NOK 200 million (USD 22.2 million, EUR 19.7 million).

The deal also saw DNB Markets subscribe for 9,828,010 new shares at a price of NOK 40.70 (USD 4.52, EUR 4.00) each, to the total amount of NOK 400 million (USD 44.4 million, EUR 39.3 million). This was settled by way of cash payment, for delivery to Måsøval Eiendom AS in accordance with the share-lending agreement. The filing stated that Måsøval will publish a new announcement immediately after the share capital increase has been registered in the Norwegian Register of Business Enterprises. Its new share capital is NOK 30.6 million (USD 3.4 million, EUR 3 million), comprising in total 122,508,455 shares, each with a nominal value of NOK 0.25 (USD 0.03, EUR 0.02).

The new shares will be listed on the Euronext Growth Oslo from issuance in the Central Securities Depository (VPS) and will be tradeable on or about 21 December 2021. The consideration shares subscribed by the seller are subject to a six-month lock-up.

In addition, Måsøval, Måsøval Eiendom AS, the two minority owners of Pure Norwegian Seafood AS, the previous owner of Stokkøy Skjell AS and the minority owner of Gunnar Espnes Fiskeoppdrett AS, and members of the management and board are subject to a lock-up until 17 June, 2022.

Photo courtesy of Måsøval