AKVA sells off Icelandic software subsidiary

Aquaculture supplier AKVA has announced the sale of its Iceland-based seafood industry software solutions subsidiary Wise for 910,778,164 Icelandic kroner (£5.9 million).

Published Last updated

AKVA will also receive a dividend, approved before the transaction, of ISK 197m, taking the total proceeds of the deal with Icelandic retail software provider Centara to ISK 1.1 billion.

In an announcement to the Oslo stock exchange AKVA said the sale results in an accounting gain of NOK 21,283,000 (£1.9m) excluding transaction costs.

Outside focus areas

“The business of Wise is outside AKVA’s strategic focus areas, which mainly include solutions and services to the global aquaculture industry,” said the Norwegian company.

“Although the development of Wise is positive, AKVA believes that the transaction will strengthen AKVA by the opportunity of re-allocating capital and management resources to its core businesses. Similarly, Wise will be given the opportunity to explore its full potential together with a dedicated and focused owner.”