Skip to main content

Bakkafrost takes Scottish Salmon Co stake up to 95.6%

Bakkafrost now owns all but 4.4% of SSC, which produces successful brands such as Native Hebridean Salmon. Photo: SSC.
Bakkafrost now owns all but 4.4% of SSC, which produces successful brands such as Native Hebridean Salmon. Photo: SSC.

The Scottish Salmon Company’s majority owner, Bakkafrost, has increased its stake in the firm to 95.6% from 80.77% following a mandatory offer for the shares still owned by other individuals and organisations.

During the offer period, which ended yesterday, shareholders representing 24,585,445 shares in SSC accepted the offer to sell their shares to Bakkafrost.

In a market update today, Faroese salmon farmer Bakkafrost said settlement of the offer is expected to be this Friday, December 13.

RAS hatchery

Bakkafrost yesterday announced that it had signed agreements for two fully secured five-year credit facilities together worth €352 million, which would partly fund the purchase of SSC and secure robust and flexible financing for organic and strategic growth.

The company has previously said it will invest in a new recirculating aquaculture system (RAS) hatchery for SSC, along with new farm equipment.