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Bakkafrost increases Scottish Salmon Company stake to 78%

Bakkafrost is taking over the Scottish Salmon Company in a deal that values the firm at more than half a billion pounds. Photo: SSC.
Bakkafrost is taking over the Scottish Salmon Company in a deal that values the firm at more than half a billion pounds. Photo: SSC.

The Scottish Salmon Company’s new majority owner, Bakkafrost, today increased its holding by acquiring nearly 17.5 million extra shares in the firm, it has announced.

The shares, bought at a price of NOK 28.25 (£2.53) per share, correspond to 9.2% of the shares of The Scottish Salmon Company Plc (SSC).

Today’s acquisition is separate to the 68.8% shareholding it has secured in a binding agreement with previous majority owner Northern Link and takes Bakkafrost’s stake to 78%.

Bakkafrost, the biggest salmon farmer in the Faroe Islands, announced on Wednesday that it had agreed to buy Northern Link’s 68.8% stake for NOK 28.25 per share, and that the move would trigger a mandatory offer for the remaining 31.4% of shares held by other investors.

The deal values SSC at £516 million.