“Together, we can maintain and create new jobs and further develop competence clusters along the Norwegian coastline, for the benefit of local communities.”
On Monday morning, Mowi, the world’s largest salmon producer, announced its intention to launch a voluntary offer for NTS at NOK 110 per share, to be settled 50 per cent in cash and 50 per cent in shares issued in Mowi.
With a production capacity of 124,000 tonnes, NTS is currently the sixth largest salmon producer in the world. The company controls 68 per cent of Norway Royal Salmon (NRS) and 70 per cent of wellboat and service shipping company Frøy.
The offer implies a total consideration for all of the shares of NTS of approximately NOK 13.8 billion (€1.4 billion). The offer price represents a premium of 18.3 per cent over the closing price of the shares on 14 January of NOK 93.0 and a premium of 23.9 per cent over the average volume weighted share price during the last 30 trading days up to and including 14 January 2022 of NOK 88.8.
Ivan Vindheim, CEO of Mowi, commented, “Mowi has followed the NTS Group for several years and is impressed by how the employees, management team and owners have developed the NTS Group into one of the leading producers of Atlantic salmon in Norway and Iceland.
“NTS geographical footprint and competent organisation fit unusually well with Mowi’s current operations and strategy. Together, we can maintain and create new jobs and further develop competence clusters along the Norwegian coastline, for the benefit of local communities.”
The complete details of the offer, including all terms and conditions, will, if launched, be described in an offer document to be sent to NTS’ shareholders following review and approval by Oslo Stock Exchange.