Bakkafrost acquires Scottish Salmon Company

By Dan Colombini contact

- Last updated on GMT

Bakkafrost has entered into an agreement with Northern Link to acquire the firm’s 68.6% stake of shares in The Scottish Salmon Company (SSC).
Bakkafrost has entered into an agreement with Northern Link to acquire the firm’s 68.6% stake of shares in The Scottish Salmon Company (SSC).

Related tags: Finance, Seafood

Bakkafrost has entered into an agreement with Northern Link to acquire the firm’s 68.6% stake of shares in The Scottish Salmon Company (SSC).

The successful acquisition of the majority stake will trigger a Mandatory Tender Offer for the remaining 31.4% free float in SSC, resulting in SSC being wholly acquired by Bakkafrost for a total consideration of £517m.

The moves completes the strategic review initiated by SSC’s board of directors. The Board confirmed that it was looking forward to working with Bakkafrost to establish its plans for the enlarged business.

The review had been initiated by the Board and we are pleased with the outcome, reflecting the true value that has been created in recent years,​” said Robert Brown, chairman of the board.

“We are proud of what we have achieved and on behalf of the Board, I thank the management team, employees, customers and all stakeholders involved in this exciting journey.”

Craig Anderson, CEO of SSC, added: “The board of SSC considers this offer to be in the best interest of all shareholders as it realises the material value that has been created after nine successive quarters of growth. 

Major global salmon farming business

“[we] initiated the independent strategic review in order to assess options to realise value and deliver future growth from the business.  The review has been successful in terms of the volume and quality of the companies that have participated in the process and has resulted in this acquisition to create a major global salmon farming business. 

“The management team will now work closely with the new owners of the business to understand its strategic vision and implications for all SSC stakeholders​.”

DC Advisory is acting as financial advisor to SSC in relation to the strategic review and Aabø-Evensen & Co Advokatfirma AS and CMS are acting as legal advisors to SSC.

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