Akva to acquire subsea shares
Akva has entered into an agreement to buy 66% of the shares in Sperre, one of the leading ROV and subsea technology companies within the aquaculture industry, in a deal which could be worth over NOK 100 million.
Trond Williksen, CEO of Akva, explained the rationale behind the deal, saying: "The acquisition of Sperre AS is a strategic move for Akva group ASA to gain the leading position in the ROV and subsea technology segment to the aquaculture industry. We expect the market for ROV and subsea technology to the aquaculture industry to keep growing in the coming years as the industry is developing and expanding to more exposed sites and operations. We also see clear synergies with our existing farming services operations in Akva Marine Services. Sperre is an outstanding company within its technology segment and gives Akva a presence in the leading Norwegian subsea cluster, with its location at Notodden, Telemark."
Sperre Group is chaired and managed by Thor Olav Eikeland Sperre, who will continue in his role as General Manager after completion of the transaction as well as join the board of directors.
The purchase price for the shares is based on an enterprise value of Sperre on a 100% basis of NOK 126.9 million. An estimated purchase price for the shares will be paid in cash on completion of the transaction, which is expected to take place on 4 November The final purchase price will be established after completion based on the net debt and working capital position of Sperre as of 31 October 2016. AKVA will finance the transaction with a loan from Danske Bank.
The two firms have also agreed a mutual option to buy/sell the remaining 34% of the shares in Sperre. The option is exercisable in a limited period after the approval of the 2019 annual accounts of Sperre. The pricing of the remaining 34% of the shares is linked to the performance of the company in 2017, 2018 and 2019.
Sperre AS
Sperre holds extensive experience in developing and producing a range of advanced ROV solutions, with applications to both aquaculture as well as oil service and marine industries. It has 15 employees and – in 2015 – had a turnover of NOK 89.4 million, net profits after tax of NOK 14.3 million and total assets of NOK 49.3 million.
