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AKVA to acquire Canadian firm

31 January 2020, at 9:34am

AKVA has signed an agreement to acquire at least 70 percent of Newfoundland Aqua Service (NAS)

NAS is the leading supplier of fish farming services in Newfoundland and Labrador on the east coast of Canada, offering both net services on land and marine services at sea to the fish farmers in the region.

The transaction will significantly strengthen AKVA's presence in a region with significant growth projections for salmon farming in the years to come, and is an important step in AKVA's ambition to become the preferred aquaculture technology and service provider on the east coast of Canada. The Transaction is expected to yield synergies with AKVA's existing service operations in the region, as well as better position AKVA for sale and delivery of systems and solutions across the pen based product portfolio.

Completion of the transaction is expected during Q1 2020, and the deal includes a mutual option to buy/sell an additional 28.5 percent of the shares in NAS in 2023.