A complex merger agreement between three Norwegian fishing groups stands to create the second largest salmon farming operation in the world behind Dutch Nutreco.
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Cermaq, which is 80% controlled by the Norwegian state, will hold 60% of the new company. Fjord Seafood will pick up the remaining 40%.
Co-patriot company Domstein will meanwhile be the largest private owner. The company now owns 26% of Fjord but stands to receive NKr200m (US$22.8m) in cash and NKr175m in additional Fjord shares, as well as some fish manufacturing activities through the deal.
Fjord will also issue shares worth up to 1bn Norwegian crowns.
Annual synergies created by the deal are estimated at a “conservative” NKr150m and the chairman designate has been named as Rolf Domstein.
The companies revealed in a joint statement that the new company would overtake PanFish to become the second largest farmed salmon producer in the world: “The new company will have a 12% share of the global salmon farming market and a 40% share of the salmon feed market.”
