AKVA Group has entered into an agreement with to purchase 66 percent of the shares in ROV and subsea technology company Sperre.
The purchase price for the shares is based on an enterprise value of Sperre on a 100% basis of NOK 126,900,000, with customary adjustments for net debt and deviations from a normalized level of working capital on completion.
An estimated purchase price for the shares will be paid in cash on completion of the transaction, which is expected to take place on 4 November 2016.
AKVA and Sperre Group AS have also agreed a mutual option to buy/sell the remaining 34% of the shares in Sperre. The option is exercisable in a limited period after the approval of the 2019 annual accounts of Sperre. The pricing of the remaining 34% of the shares is linked to the performance of the company in 2017, 2018 and 2019.
Sperre chairman and general manager, Thor Olav Eikeland Sperre, will continue in his role as general manager after completion of the transaction. He will also be a member of the board of directors of Sperre.
AKVA will finance the transaction with a loan from Danske Bank, and with available equity and/or available credit lines if required for the post completion adjustment of the purchase price.
“The acquisition of Sperre AS is a strategic move for AKVA group to gain the leading position in the ROV and subsea technology segment to the aquaculture industry. We expect the market for ROV and subsea technology to the aquaculture industry to keep growing in the coming years as the industry is developing and expanding to more exposed sites and operations. We also sse clear synergies with our existing farming services operations in AKVA Marine Services A.S Sperre is an outstanding company within its technology segment and gives AKVA a presence in the leading Norwegian subsea cluster, with its location at Notodden, Telemark,” said Trond Williksen, CEO of AKVA group.