BAKKAFROST: Acquisition of P/F Faroe Farming approved by the authorities
In market announcement on 29 June 2016, Bakkafrost announced that it had entered an agreement with Sp/f Hjallur to acquire 51% of the shares in P/F Faroe Farming, a salmon farming company that operates in the southern part of the Faroe Islands, Suðuroy. The agreement was conditioned on the approval of the Faroese Registry and the Competition Authorities.
These authorities have now approved Bakkafrost’s acquisition of the remaining outstanding shares of P/F Faroe Farming. Consequently, the acquisition is final and Bakkafrost hereafter owns 100 % of the shares in P/F Faroe Farming.
Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)
Gunnar Nielsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Bakkafrost is the largest salmon farmer in the Faroe Islands. The Group is fully integrated from feed production to smolt, farming, VAP and sales. The Group has production of fishmeal, fish oil and salmon feed in Fuglafjørður. The Group operates licenses on 14 farming fjords. The Group has primary processing in Klaksvík, Strendur, Kollafjørður, and secondary processing (VAP) in Glyvrar and Fuglafjørður. The headquarter is located in Glyvrar, and the company has a total of around 725 full-time employees.
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