Bakkafrost has paid £336.7m to Northern Link, with another 30% due in shares.

Bakkafrost settles £337m bill for Scottish Salmon Company

Faroese salmon farmer Bakkafrost today announced that it had completed the acquisition of 133,125,109 shares in the Scottish Salmon Company from Northern Link.

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As a consequence of this, Bakkafrost now owns 150,974,735 of the shares in SSC, representing approximately 77.8% of all shares.

The purchase price paid to Northern Link was just over NOK 3.76 billion (£336.7 million), which represents a purchase price of NOK 28.25 per share.

The additional shares in SSC acquired by Bakkafrost in the market during the last week have been acquired at the same price.

Settled in cash

Bakkafrost said 70% of the purchase price due to Northern Link was settled in cash today. The remaining 30% (NOK 1.128bn) has been financed by a seller’s credit.

Subject to agreement at Bakkafrost’s extraordinary general meeting in 10 days’ time, the seller's credit will be settled through the issue of 2,256,470 new shares in Bakkafrost based on a subscription price of NOK 500 per share.

The debt will be settled in cash if the general meeting does not grant the board the authority to issue the shares.