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Cermaq closes USD1.1bn EWOS sale.


31 October 2013 a[euro]" Oslo-based group Cermaq ASA (OSL:CEQ) said today it had completed the sale of Norwegian salmon feed supplier EWOS AS to private equity firms Altor Fund III GP Ltd and Bain Capital Europe LLP for an enterprise value of NOK6.5bn (USD1.1bn/EUR803m).

Cermaq noted it had obtained NOK6.2bn at closing and will get the final consideration when EWOS receives payments from two Chilean clients. The vendor reaffirmed it expects a gain of between NOK2bn and NOK2.5bn and an extraordinary dividend of up to NOK5bn in connection with the transaction. It also mentioned it will use NOK923m of the proceeds to redeem outstanding bond.

A decision on the matter will be made at a stockholders meeting in late December.

The sale of EWOS was agreed in July 2013. At that time, Cermaq noted that the transaction would enable it to establish itself as a pure salmonid aquaculture company.Country: NorwaySector: Agriculture/ForestryTarget: EWOS ASBuyer: Bain Capital Europe LLP, Altor Fund III GP LtdVendor: Cermaq ASADeal size in USD: 1.1bnType: Divestment, LBOFinancing: DebtStatus: ClosedComment: The deal size refers to EV.

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Publication:M & A Navigator
Date:Oct 31, 2013
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