P/F Bakkafrost Signs Deal To Buy Majority Stake in Scottish Salmon Co Press Conference Transcript
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Good morning, everyone, and welcome to the presentation of the acquisition of The Scottish Salmon Company that Bakkafrost announced yesterday. We are pleased to announce the signing of a binding agreement of the acquisition of 68.6% of The Scottish Salmon Company from Northern Link.
SSC was the second-largest farming company by 2018 harvest and is listed on the Oslo Børs. Bakkafrost has, with this acquisition, secured a majority stake and will trigger a mandatory tender offer for the remaining 31.4% free float in SSC. The agreed acquisition price is NOK 28.25 per share, which implies an enterprise value of around EUR 583 million [equating] to DKK 4.4 billion.
The acquisition provides Bakkafrost with access to the attractive Scotland farming region. It creates a combined differentiated global leader in premium salmon with dual exposure to the Faroe Islands and Scottish premium salmon. It creates positive synergies and diversifies Bakkafrost operation from a pure-play Faroe Island company to a presence in 2
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