There have been several inquiries of interest in the company, says Salmar. There was speculation about whether Salmar would sell at Frøy after the acquisition of NTS.
NTS subsidiary of farming giant Salmar has now begun a strategic assessment of its ownership in Frøy boating company Wells in order to “maximize value for its shareholders,” according to a statement from the company.
The process depends on the interest in the company.
Salmar owns 72 percent of the boat company Frøy via NTS, which it recently acquired. Frøy owns and operates one of the largest fleets of well boats and service vessels in the country for the aquaculture industry.
Analysts also expected Salmar to sell the company after the merger due to the high level of debt.
He wants to develop Frøy more
Salmar investor contact Håkon Husby confirms that the process is just beginning.
– We want to develop Frøy further, so we have to look at what this analysis will show, he tells E24.
– Does this mean that you will sell yourself completely, go down, or consider a merger?
It’s too early to make a decision. We want to do better for the development of the company, says Husby.
– At the beginning of the stock exchange announcement you write that this is happening as a result of “incoming interest”. What does this interest consist of?
– We have received many inquiries about how we want to further develop Frøy. That is why we are now beginning the process of evaluating strategic alternatives.
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117 people in the seafood industry with assets of over $100 million
decision during the year
The strategic assessment is expected to be completed in 2023. The company states that no decision has been made yet, and that any deal depends on market conditions.
Frøy is listed on the Oslo Stock Exchange with a market capitalization of NOK 4.3 billion. The stock was up close to 5 percent in the morning after today’s news, while Salmar stock was down marginally.
NTS has appointed DNB Markets and law firm BAHR as valuation advisors.
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