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Provider: Wright Reports
Provider: Reuters Investment Profile

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AKVA Group ASA Announces Acquisition of Shares in Plastsveis AS

Wednesday, 20 Feb 2013 02:00am EST 

AKVA Group ASA announced that it has on February 20, 2013 entered into an agreement with the shareholders of Plastsveis AS, to acquire 70% of the shares in Plastsveis AS for a price of NOK 20 million. 90% of the purchase price will be paid in cash on completion. The remaining 10% will be paid six months after the transaction is completed. The transaction is subject to final approval from the Norwegian competition authorities and is assumed to be completed mid March 2013, with operational effect from January 1, 2013. The Company and the owners of Plastsveis AS also hold a mutual option to buy / sell the remaining 30% of the shares in Plastsveis AS from January 1, 2016 onwards. The pricing of the remaining 30% of the shares is linked to the performance of the company over the next three calendar years. Plastsveis AS provides PE equipment, installation and services to the fish farming, agriculture and other industries. The company is located in Sor-Helgeland and has approximately 40 employees. The core business entails delivery and installation of tub and pipe plants to land based fish farming facilities as well as processing of pipes in polyethylene plastic for the fish farming industry, for agriculture and oil services. The company also participates in development project for the fish farming industry. 

Company Quote

0.2 +1.38%
16 Apr 2014