The acquisition is financed through Marel's strong balance sheet, existing credit facilities, and available treasury share

Press Release: Marel to acquire Valka

Marel is pleased to announce the agreement to acquire Valka ehf., an Icelandic provider of advanced processing solutions for the global fish industry. Together, Marel and Valka will be in a stronger position to transform the fish processing industry in partnership with customers.

Marel aims to acquire 100% of Valka's share capital. An agreement has been reached to acquire over 90% of the share capital of Valka, and the remaining shareholders will be offered to sell their shares at the same terms. The transaction is subject to customary closing conditions, including anti-trust approval and is expected to be completed later this year.

Two innovative companies join forces to continue transforming fish processing

Valka and Marel have a shared vision to develop innovative state-of-the-art solutions in close partnership with their customers, transforming the way food is processed in a sustainable way. This transaction will strengthen Marel's full-line offering to the fish processing industry and increase scale to serve customer needs better. The shared technical knowhow in the combined team will accelerate the innovation roadmap allowing processors to adapt swiftly to a rapidly changing market. The companies see great potential for Valka’s products and technology in other protein industries. Together the companies will be in a key position to reach customers worldwide by leveraging Marel's global sales and service network in over 30 countries, ensuring proximity to customers for sales, installation and aftermarket services.
Helgi Hjálmarsson, Valka's founder and CEO, will take on a role as Director of Solution Integrity within Marel.

About Valka

Valka is a highly innovative player in the whitefish and salmon processing industries. Since its foundation in 2003 by Helgi Hjálmarsson, Valka has successfully introduced several advanced fish processing solutions that have been well received in the market. Valka's product range includes waterjet cutting, trimming, and grading solutions for whitefish and salmon. Valka is based in Iceland and Norway and has around EUR 17 million in annual revenues and 105 employees.

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Transaction highlights and timeline

Marel has agreed to acquire over 90% of the share capital in Valka ehf. and will offer all remaining shareholders to acquire their shares on the same terms with the objective to acquire 100% of the shares.
The purchase price is paid 50% in cash and 50% in Marel shares, except for smaller shareholders who will have the option of a full cash payment. Sellers that receive Marel shares will undertake a lock-up period of 18 months.

The closing of the acquisition is subject to customary closing conditions, including anti-trust approval from the Icelandic Anti-trust Authority, and is expected to take place later this year. The acquisition is financed through Marel's strong balance sheet, existing credit facilities, and available treasury shares.

Guðbjörg Heiða Guðmundsdóttir,
Executive Vice President Marel Fish:

'We are excited to join forces with Valka, an innovative provider of advanced processing solutions for the fish industry. Valka is technologically very strong and has good insight into market needs.
Together the companies will build on the best of both, increase scale, accelerate innovation and strengthen our combined offering to continue to provide our customers with best-in-class processing solutions in the growing food processing industry.'

Helgi Hjálmarsson,
Founder and CEO of Valka:

'The establishment of Valka in 2003 was a big step for me after nine excellent years in Marel where I worked on many innovative projects. By joining Marel you could say we are moving back home because both companies share the same vision and passion for developing high-tech processing solutions that transform the way fish is processed in a sustainable way.

Our combined product offering will make us stronger together and even better at providing full-line solutions for our customers. I look forward to start presenting those solutions to our current and new customers that we can service even better now with Marel's extensive global sales and service network. I am also really excited to start working on transferring Valka’s technology over to other industries where we see great opportunities. I am confident that by joining Marel, we are creating a winning team that is well equipped for greater success.'

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Address:	Austurhraun 9
City:	Gardabaer
State/ZIP:	(IS-210)
Country:	Iceland
Phone:	+354 563 8000
Fax:	+354 563 8001
E-Mail:	[email protected]
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