The Scottish Salmon Company is being bought over by Faroese firm Bakkafrost for more than £500m, reports BBC.
Bakkafrost has agreed to acquire Northern Link’s 68.6% stake of shares in The Scottish Salmon Company (SSC), triggering a mandatory takeover of the entire business.
That fund is reported to be backed by a Ukrainian investor.
The Faroese firm is issuing a mandatory offer for the remaining freely traded equity, forcing those shareholders to sell. The total cost is £517m.
The Scottish Salmon Company (SCC) is one of the three biggest producers of farmed salmon in Scottish waters, operating at 60 sites and with more than 600 workers.
SSC’s board of directors and administration support the aforementioned transaction and have initiated a strategic review aimed at the sale of all or part of the company.
SSC Chairman of the Board Robert Brown III stated, according to Salmonbusiness.com: “The review had been initiated by the Board and we are pleased with the outcome, reflecting the true value that has been created in recent years. We are proud of what we have achieved and on behalf of the Board, I thank the management team, employees, customers and all stakeholders involved in this exciting journey.”
Meanwhile, Regin Jacobsen, CEO of Bakkafrost (picture above), could not hide his joy following the acquisition.
“Bakkafrost’s journey has been characterized by delivering industry-leading growth and profitability combined with a focus on shareholder value creation. [SSC] represents an attractive acquisition at this juncture providing exposure to the attractive and premium Scottish salmon farming region with potential for synergies and transfer of best practices,” said Jacobsen, according to Undercurrentnews.com.
