Grieg Seafood acquires remaining 51.3% of Erfjord Stamfisk AS

Grieg Seafood entered into an agreement to acquire the remaining 51.3% of the shares in Erfjord Stamfisk AS from Erfjord Næringsutvikling AS, reports www.megafishnet.com with reference to Grieg Seafood. 

The acquisition price is NOK 45 million. Grieg Seafood will after the transaction hold 100% of the shares in Erfjord Stamfisk. The transaction is subject to no major conditions from the Norwegian Competition Authority for the transaction to be completed in accordance with the Norwegian Competition Act. The transaction is expected to be completed by mid February 2011.

In 2010, Erfjord Stamfisk had a turnover of appr. NOK 109 million and an EBIT of appr. NOK 23 million. Net interest bearing debt was NOK 25 million per 31 December 2010.

Erfjord Stamfisk holds 3 brood stock production licenses and one R&D license and is situated in the Suldal municipality in the county of Rogaland in southern Norway. The two latest production licenses were granted in 2010. In 2010, Erfjord Stamfisk sold appr. 68 million ova (roe) and had a harvest volume of appr. 1,800 tons (gwe). In 2011, the harvest volume is expected to be 1,800 tons (gwe).

Erfjord Stamfisk holds 27.5% of the shares in the breeding company SalmoBreed. Furthermore Erfjord Stamfisk holds 34% of Salten Stamfisk in the county of Nordland in northern Norway.

Erfjord Stamfisk will be consolidated and reported as part of region Rogaland from Q1 2011. Up until 2010, Grieg Seafood's share of Erfjord Stamfisk has been reported as an associated company as part of financial items.