SalMar announces definitive merger agreement with Wilsgård AS

The boards of directors of Wilsgård, SalMar Farming AS (a wholly-owned subsidiary of SalMar), and SalMar have approved a merger plan to acquire Wilsgård AS, as confirmed through a statement by the Norwegian salmon company.

To be more specific, SalMar Farming will be the acquiring company, Wilsgård will be the transferring company, and SalMar will issue the consideration shares as part of the merger.

The parties have valued Wilsgård at NOK 1.767 billion. 80% of the merger consideration will consist of a combination of consideration shares, and the remaining 20% will be in cash. SalMar Farming, for its part, will not receive any consideration.

Finally, SalMar's share capital will be increased by NOK 392,054 through the issuance of 1,568,216 shares, each with a nominal value of NOK 0.25. The parties have agreed on a price of NOK 563.38 per SalMar share in the merger.

The preceding developments

In February, SalMar ASA and Wilsgård Sea Service AS, which together own 75% of the shares in Wilsgård AS, had agreed to collaborate in determining their specific ownership interests in Wilsgård. Since the purchase of NTS and the merger with NRS in 2022, SalMar has held a 37.5% stake in Wilsgård AS.

Wilsgård, with a strong presence in Senja, holds 5,844 tonnes of MAB in licenses in production areas 10 and 11 in Northern Norway. The merger, which is expected to be completed during the summer of 2025, will enhance operational efficiency, reduce costs, and improve the financial resilience of the parties involved.