SalMar has sold 72% of its stake in aquaculture and wellboat services subsidiary Frøy to Falcod Bidco, indirectly owned by Goldman Sachs Asset Management. This deal is part of Goldam's strategy and values the acquired company at NOK 600 million (EUR 62.7 million / USD 73.6 million) and is expected to be completed during Q3 2023. Additionally, after purchasing these shares, Falcod Bidco will make an offer to buy all the remaining shares of Frøy.
"We are excited to invest in Frøy, as one of the leading companies providing mission-critical transportation and support infrastructure to the aquaculture industry. Wellboats and service vessels are vital to enabling best-in-class farming practices and Frøy is at the forefront of driving sustainability. We look forward to partnering with Frøy and its management team, employees and long-standing customers in supporting long-term growth and value creation," said Tavis Cannell, Global Co-Head of Infrastructure within Goldman Sachs Asset Management.
These are the words used by Cannell to talk about the deal worth NOK 600 million. So the initial purchase of shares, Falcon Bidco will pay NOK 76.50 (EUR 7.96 / USD 9.75) per share. In addition, this deal includes a proposal to make a subsequent offer to purchase all the remaining shares, ensuring that the offer per share is at least equal to the previous amount.
The share purchase will close as soon as the necessary approvals are obtained from the Norwegian competition authorities and the Norwegian government and is expected to be completed during Q3 2023. Despite this, there is no indication that there may be any legal action to prevent the sale.
Once the sale is completed, Falcon Bidco will launch an offer to purchase all remaining shares in Frøy. However, Frøy's shareholders can choose whether to accept the offer.
"We are pleased to have successfully completed the strategic review in Frøy announced earlier this year. Following a constructive process and after reaching a final agreement we believe we have found the best solution, not only for the SalMar group, but for all shareholders in Frøy. Following a successful process with many highly reputable interested parties involved, we have found a buyer for the shares in Frøy who we believe is a good fit and will be a strong partner for Frøy in the future," said Frode Arntsen, CEO of SalMar.
SalMar is one of the world's largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway, and Iceland, as well as substantial harvesting and secondary processing operations in Scotland. In addition, the company is operating within offshore aquaculture through the company SalMar Aker Ocean and SalMar owns 50% of the shares in Scottish Sea Farms Ltd.
Goldman Sachs Asset Management is a global investment firm known for its dedicated partnership and long-term performance focus. Offering a wide range of investment and advisory services, they cater to institutions, financial advisors, and individuals. With a strong global network and expertise, Goldman Sachs Asset Management provides tailored solutions to clients worldwide, empowering them to achieve their investment goals.
