Búlandstindur is one of the few companies in Iceland that process both whitefish and farmed salmon.
Photo: Marel.
When presenting its Q4 2024 results last week, Kaldvík said discussions were still ongoing regarding the acquisition of key assets in the fish farming value chain on Iceland's east coast. Just two days later, the former Ice Fish Farm - renamed 2024 - issued a statement confirming the acquisition of those assets, a fish box producer and a fish processing plant.
Just before Christmas, Kaldvík announced it had signed a non-binding agreement for a possible acquisition of certain key assets in the fish farming value chain in Djúpivogur, in the Austurland region, Iceland. The total estimated purchase price, the company reported then, was NOK 190 million (EUR 16 million / USD 16.7 million).
The transaction would include the full acquisition of the companies Djúpskel ehf. - a producer of fish boxes - and Mossi ehf. - the property and building hosting it -, as well as a part of Búlandstindur ehf., a fish processing facility in which Kaldvík already owned 67.7% of the shares.
Now, the company said it has entered into definitive agreements to acquire 100% of the shares in Mossi from Heimstø; 100% of the shares in Djupskel from Osval - a company owned by Heimstø (53.6%) and Osnes (46.4%) -; and 33.3% of the shares in Bulandstindur from Osval, thereby acquiring 100% ownership.
Kaldvík, which in negotiating the terms of the transactions has been advised financially by Pareto Securities AS and legally by AGP Advokater AS, said it expects them to be completed no later than the end of the first quarter of 2025.
For clarity, the company stated that the consideration shares for the purchase of the shares in Mossi will likely be issued in the second half of 2025. "The reference in the 20 December 2024 announcement to the use of the current board authorization, is therefore likely only relevant for the issue of the consideration shares to be issued to settle the purchase price for the shares in Djupskel and Bulandstindur," Kaldvík's announcement added.
It is worth recalling that the way in which the non-binding agreement for these acquisitions was carried out caused dissent among some of Kaldvík's Board members since, as mentioned, the fish processing facility, Búlandstindur, will be acquired from Osnes.
The stumbling block was that Osnes is controlled by Elis Gretarsson, CEO of Búlandstindur, and his family, and by Heimstø, a company controlled in turn by the Måsøval family and which, indirectly through Austur Holding AS, controls 55.29% of Kaldvík's shares.
That disagreement became apparent at the end of January with the departure from the Board of Aðalsteinn Ingólfsson and his replacement by the former director of Lerøy Aurora and the Norwegian Seafood Council (NSC), Renate Larsen. She was elected by approximately 66.93% of the votes, evidencing the division on the Board of Iceland's largest salmon company.
