Marine Harvest (OSE:MHG): Marine Harvest enters into a Share Purchase Agreement to purchase Northern Harvest, a salmon farmer on the East Coast of Canada
December 22, 2017
Marine Harvest is pleased to announce that we have entered into a Share Purchase Agreement to purchase Northern Harvest ("the Company"), a leading East Coast Canadian salmon farmer. The Company is fully integrated with its own broodstock, smolt/hatchery, farming sites and processing operations. The potential acquisition supports Marine Harvest's long term strategy of being a world leading and integrated producer of seafood proteins.
The acquisition price on a cash and debt free basis is CAD 315 million, and the intention is that the consideration will be paid in cash using available credit lines under Marine Harvest's existing revolving credit facility. The Company is expected to harvest 19 thousand tonnes (GWE) of salmon in 2018, and has currently 45 farming licenses in Newfoundland and New Brunswick. The Company has an additional 13 farming licenses in application mode.
The transaction is subject to approval by relevant competition authorities and customary closing conditions.
For queries, please contact:
Alf-Helge Aarskog (CEO) +47 905 97 529
Ivan Vindheim (CFO) +47 958 71 310
This stock exchange announcement may be deemed to include forward-looking statements, such as statements that relate to the production capacity of the acquired assets, the expected harvest volume of the acquired assets and the expected closing of the transaction and its timing. Forward-looking statements are typically identified by words or phrases, such as "expect" and similar expressions or future or conditional verbs such as "may", "will", "should", "would", and "could". Forward-looking statements are Marine Harvest's current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties, including operational factors that may affect the production capabilities of the acquired assets and failure to satisfy conditions precedent for the acquisition. All forward-looking statements included in this release are based on information available at the time of the release, and Marine Harvest assumes no obligation to update any forward-looking statement.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.