AKVA already took in 2021 a 33.7% stake in the British company.
AKVA group
AKVA group has completed the acquisition of 100% of the shares in Observe Technologies Limited (Observe) to strengthen its digital services. The leading aquaculture services provider already took in 2021 a 33.7% stake in the British company.
However, since 2018 both companies have worked together through strategic partnerships complementing their technologies with artificial intelligence (AI) improvements.
In more detail, Observe sold AI feeding solutions to more than 100 farm sites worldwide. According to AKVA, using artificial intelligence technology in the feed automation process decreases the feed conversion ratio.
Regarding the full acquisition, CEO & CTO of Observe Technologies Hemang Rishi & Pieter Fabry noted: "This is a unique opportunity to be a key offering in AKVA's precision farming solution while giving us the operational flexibility to continue to develop the business. We firmly believe AKVA’s approach, combined with operational gains we have already provided, will drive the industry towards even more sustainable outcomes."
On the other hand, the CEO of AKVA Knut Nesse indicated: "AKVA now offers four digital products to the market: AKVA Fishtalk, AKVA Observe, AKVA Connect, and AKVA Submerged. By combining these products, we now offer a complete digital solution to enhance precision fish farming."
The minimum purchase price for the 66.31% of the shares has been GBP 13.7 million. This has been paid partly by cash consideration and partly by a seller's credit that will be settled in installments to be paid over the next three years.
Moreover, an additional consideration and earn-out consideration up to a maximum total purchase price of GBP 20.5 million will be paid when conditions are met.
Less than three months ago, AKVA signed a contract with Laxey to develop a Recirculating Aquaculture System (RAS) facility in the Westman Islands, Iceland.