AKVA group purchase AD Offshore AS
AKVA group ASA has entered into a letter of intent regarding a possible acquisition of a majority stake in aquaculture farming services provider AD Offshore AS.
The parties aim to complete customary due diligence investigations and negotiations of a final purchase agreement by mid-February 2016, and if final terms are agreed to complete the transaction by the end of February 2016. A transaction is expected to be settled in cash. AD Offshore AS is a leading provider of aquaculture farming services in the Norwegian county's Hordaland and Rogaland, and in 2014 had earnings of NOK 86.0 million (2013: NOK 54.0 million), profits after tax of NOK 18.1 million (2013: NOK 6.8 million) and total assets of NOK 48.7 million (2013: NOK 31.6 million), according to a message from the company.
