Nekkar has exercised an option to acquire the 40.43 percent stake in FiiZK held by Bevest, increasing its ownership in the aquaculture technology company to approximately 86 percent.
The transaction also gives Nekkar control of around 90 percent of FiiZK’s outstanding voting shares.
The exercise price for the stake was NOK 55.1 million (€5 million), based on NOK 0.10 per FiiZK share. Settlement took place on 22 June through the transfer of 3,649,079 treasury shares in Nekkar, valued at the company’s 30-day volume-weighted average share price of NOK 15.09.
Nekkar will also assume an existing shareholder loan from Bevest to FiiZK. That portion of the transaction was settled through the issue of a further 925,177 treasury shares, valued at NOK 14.0 million (€1.3 million).
In total, the consideration amounts to approximately NOK 69 million (€6.2 million), paid through 4,574,256 Nekkar shares, representing around 4.3 percent of the company’s issued share capital. Bevest sold the received shares to new investors through a private placement completed on the same day.
The acquisition strengthens Nekkar’s position in one of the salmon farming industry’s best-known suppliers of closed-containment technology.
FiiZK develops and supplies closed floating production systems designed to reduce exposure to sea lice and other biological challenges during the post-smolt phase. According to Nekkar, the company has delivered 24 closed-containment units that have produced more than 100 million post-smolt.
“FiiZK is the leading closed containment provider,” said Ole Falk Hansen, CEO of Nekkar and chairman of FiiZK.
Hansen pointed to the recent delivery of two Protectus systems to Mowi and said four additional units remain in the order book.
Interest in closed-containment technology has increased in recent years as salmon farmers seek to improve survival, reduce early-stage mortality and limit sea-lice exposure. Several producers have invested in larger post-smolt strategies, increasing demand for systems capable of growing fish to larger sizes before transfer to sea.
Nekkar said it intends to pursue the acquisition of the remaining minority interests in FiiZK on equivalent terms, subject to discussions with other shareholders. Once the Bevest transaction is completed, FiiZK will be consolidated into Nekkar’s group accounts.