Kaldvík completes acquisition of key assets in the fish farming value chain for NOK 190 million

In late December, Kaldvík - the former Ice Fish Farm, renamed last year - announced that it had signed a non-binding agreement for the acquisition of certain key assets in the fish farming value chain in Djúpivogur, in the Austurland region of Iceland, for a total estimated purchase price of NOK 190 million (EUR 16 / USD 16.7 million at time of announcement, EUR 16.7 / USD 18.1 million now) which it confirmed on the last day of February 2025. This week, the company confirmed the acquisition has been completed at the announced price.

The transaction included the full acquisition of Djúpskel ehf. - a producer of fish boxes - and Mossi ehf. - the property and building hosting it -, as well as 33.3% of the shares in Búlandstindur ehf., a fish processing facility in which Kaldvík already owned 67.7% of the shares.

According to the announcement made to the Norwegian stock exchange, where Kaldvík is listed, Icelandic largest salmon company has paid a total of NOK 150 million (EUR 13.2 / USD 14.3 million) for the shares in Djúpskel and Búlandstindur. The amount has been settled by the issuance of a promissory note, which is eligible for conversion to consideration shares in Kaldvík at NOK 27.60 per share (EUR 2.43 / USD 2.63).

For its part, for the shares in Mossi, Kaldvík has paid NOK 40 million in an unsecured, interest free seller's credit with a maturity date on 31 December 2025, at which time the Icelandic company may choose to settle the seller's credit in cash or new Kaldvík shares at a price equal to the subscription price of NOK 27.60.

During the negotiation of the terms of the transaction, Kaldvík had Pareto Securities AS as its financial advisor and AGP Advokater AS as its legal advisor. ABG Sundal Collier ASA acted as financial advisor, and Advokatfirmaet Thommessen AS acted as legal advisor to Heimstø and Osnes.

It should be recalled that the way the non-binding agreement for these acquisitions was carried out caused dissatisfaction among some members of Kaldvík's Board of Directors. It was triggered by the fact that the fish processing plant, Búlandstindur, was to be acquired from Osnes, a company controlled by Elis Gretarsson, CEO of Búlandstindur, and his family, and by Heimstø, a business controlled in turn by the Måsøval family who, indirectly through Austur Holding AS, also controls 55.29% of the shares in Kaldvík.

The disagreement became more public in late January when Aðalsteinn Ingólfsson left the Board and his replacement - Renate Larsen, a former director of Lerøy Aurora and the Norwegian Seafood Council (NSC) - was elected with approximately 66.93 % of the vote, evidencing the division on the Board of Iceland's largest salmon company.