Aquaculture for all

AKVA Completes YesMaritime Acquisition

Economics +1 more

NORWAY - AKVA group ASA has completed the acquisition of 100 per cent of the shares in YesMaritime AS.

AKVA group ASA has acquired 100 per cent of the shares in YesMaritime AS for a price of NOK 17.5 million.

NOK 8.5 million of the purchase price was paid in cash on completion. The remaining NOK 9 million will be settled in the form of a two-year seller credit from Egersund Group AS on market terms and conditions.

YesMaritime AS was established in 1985 and has developed to become one of the larger aquaculture farming service companies in Norway. The company is operating out of Bergen and has 29 employees.

Currently the company is operating six vessels providing a range of services to the fish farming industry in Western Norway.

"The acquisition of YesMaritime AS gives AKVA group ASA a good position in the market for farming services to the aquaculture industry. This market is expected to grow in the coming years and we will see a consolidation of the players. YesMaritime AS also holds significant synergies with our existing activity," said Trond Williksen, CEO of AKVA group ASA.

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