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AKVA Group Contemplating Acquisition of Aquatec Solutions

Technology & equipment Economics +2 more

NORWAY - AKVA group ASA has announced that it has entered into a letter of intent regarding a possible acquisition of the Danish aquaculture technology provider Aquatec Solutions A/S.

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The parties aim to complete customary due diligence investigations and negotiations of a final purchase agreement by mid-September 2015, and if final terms are confirmed to complete the transaction by the end of September.

A transaction is assumed to be settled in cash.

Aquatec Solutions A/S is a leading provider of technology and solutions for land-based aquaculture, and in 2014 had gross earnings of DKK 11.6 million. (2013: DKK 9.4 million), profits of DKK 3.4 million (2013: DKK 2.1 million) and total assets of DKK 39.3 million (2013: 16.8 million).