November 8, 2019 / 8:41 AM / 13 days ago

BRIEF-Iceland Seafood To Acquire Elba

Nov 8 (Reuters) - ICELAND SEAFOOD INTERNATIONAL HF :

* SAID ON THURSDAY HAS AGREED HEADS OF TERMS WITH GPG SEAFOOD EHF AND ICEMAR EHF, THE CURRENT OWNERS OF ELBA S.L. TO ACQUIRE THE BARCELONA-BASED COMPANY ELBA S.L.

* THE INTENTION IS TO HAVE THE CONDITIONS FULFILLED BEFORE YEAR END 2019

* PROPOSED ACQUISITION PRICE FOR 100% STAKE IN ELBA IS EUR 4.4 MLN ON A DEBT-FREE CASH-FREE BASIS, WITH 50% OF THE PAYMENT SETTLED WITH CASH AND THE OTHER 50% WITH NEW SHARES IN ICELAND SEAFOOD

* SUBJECT TO FULFILMENT OF ALL CONDITIONS AND THE HEAD OF TERMS, CURRENT SHAREHOLDERS OF ELBA WILL HOLD APPROXIMATELY 1.2% STAKE IN ICELAND SEAFOOD POST THE TRANSACTION, WHICH IS INTENDED TO SETTLE IN Q1 2020

Source text for Eikon:

Further company coverage: (Gdansk Newsroom)

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