NRS announces €198 million private placement to finance SalmoNor purchase

NRS is raising money for the Salmonor purchase – contrary to the wishes of the largest owner.

Fish farming company Norway Royal Salmon (NRS) has announced a private placement of NOK 1.9 billion (€198 million) shortly after the Oslo stock exchange closed on Wednesday.

The subscription price per share in the issue will be determined by the company’s board on the basis of an accelerated bookbuilding process run by independent Nordic investment bank ABG Sundal Collier.

NRS will announce the result of the private placement through a stock exchange notice which is expected to be published no later than before opening of trading on the Oslo Stock Exchange on 31 March 2022.

Read also: Can the NRS fight overthrow SalMar’s acquisition of NTS?

The company intends to use the proceeds from the issue to finance the cash consideration in the planned acquisition of SalmoNor from NTS.

NTS is the largest owner in NRS, with 68 percent of the shares.

“The company experienced extensive interest from both existing shareholders and new high-quality institutional investors to participate in the private placement, and the facilitator has received indications of interest in subscribing for shares at a level that means that the private placement is covered based on indicated interest at the start of the bookbuilding period,” NRS stated in its message.


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