The closing of the transaction is expected to take place during the first half of February 2011. (Photo: Jokelfjord Laks/FIS)
Morpol buys Jøkelfjord Laks AS
NORWAY
Friday, January 14, 2011, 00:10 (GMT + 9)
Morpol ASA has entered an agreement to buy 100 per cent of the shares in Jøkelfjord Laks AS. The agreement values the company at an enterprise value of NOK 490 million (EUR 63.5 million). This corresponds to an equity value of NOK 510 million (EUR 66 million). The final purchase price will be based on the balance sheet at closing and adjusted for changes in net cash position and net working capital.
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Salmon packaging. (Photo: Jokelfjord Laks) |
The completion of the transaction is subject to satisfactory due diligence and potential required governmental approval.
Jøkelfjord Laks AS was established in 1986 and is located in Kvænangen municipality in Troms county. Jøkelfjord Laks AS has seven ordinary licences for production of salmon, one licence for educational purpose and two licences for smolt production.
The company owns a slaughtery and packing station. The production in 2010 was 6,700 tonnes salmon and takes place on 10 locations, all in Kvænangen municipality. Jøkelfjord Laks has about 40 employees.
Expected production for 2011 is approximately 7,000 tonnes salmon. The company produces its own smolt and has a capacity of 1.6 million smolt annually.
Jøkelfjord Laks AS is recognised as one of the best performing salmon farmers in Norway with an expected EBIT of approximately NOK 100 million (EUR 13 million) in 2010.
The closing of the transaction is expected to take place during the first half of February 2011.
Related articles:
- Morpol sees positive results and various acquisitions in Q3
- Morpol acquires Cumbrian smoked salmon processor
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