Cermaq ASA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Cermaq ASA Gives Extended announcement In Connection With Sale Of EWOS
Cermaq ASA announced that it has entered into a definitive agreement for the sale of its EWOS business to Altor Fund III GP Limited and Bain Capital Europe, LLP. The purchaser is a Norwegian company established by funds. The transaction is structured as a sale and purchase of shares in certain Cermaq subsidiaries and certain assets and liabilities thereof. The aggregate agreed consideration implies an enterprise value of EWOS of NOK 6.5 billion, and will enable Cermaq to free up funds. The consideration will be payable in cash upon completion, however so that up to NOK 180 million will be contingent upon EWOS receiving payment of certain overdue outstanding receivables. Cermaq has further agreed to seek consents from its lenders to provide an unsecured backup facility of up to NOK 260 million for the period from completion of the transaction to December 31, 2014 for the purpose of replacing any existing supplier financing which may fall away at closing, if any. Alternatively a delayed payment of NOK 130 million of the total consideration will be paid within December 31, 2014. As part of the transaction, Mainstream will enter into a long term feed agreement with EWOS on market terms. The six year contract includes exclusive deliveries from EWOS the first two years of the contract. The transaction is scheduled to close by the end of October 2013. ABG Sundal Collier has acted as financial advisor, and Schjødt as legal advisor, to Cermaq in connection with the transaction.
Latest Developments for Cermaq ASA
- Cermaq proposes FY 2013 dividend of NOK 1.8 per share
- Cermaq ASA Completes Sale Of EWOS Group
- Cermaq ASA Divests its Shares in Copeinca ASA
- Cermaq ASA Announces Definitive Agreement for Sale of EWOS at Enterprise Value of NOK 6.5 Billion Reached with Altor and Bain Capital; Expects to Conduct Extraordinary Distribution
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