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Scottish Sea Farms’ bid to acquire Grieg Seafood Hjaltland UK, moves forward

In June 2021, Scottish Sea Farms signed a Share Purchase Agreement to acquire 100 per cent of the shares in Grieg Seafood Hjaltland UK, from Grieg Seafood ASA, for the purchase price of GBP 164 million (approximately USD $216.6 million).

Included in the deal, are Grieg Seafood Hjaltland UK’s 21 active farm sites across Shetland and Skye in the UK, a new land-based feeding central, a freshwater facility, and a processing plant. Combined, the farms produced approx. 16,000 tons (HOG) of Atlantic salmon in 2020.

Additionally, this acquisition complements the geography of Scottish Sea Farms’ own operations across mainland Scotland, Shetland, and Orkney, which will help the company stay on track to produce 46,000 tons of salmon in 2022.

“This is hugely positive news that promises farmers from both companies greater opportunity than ever before to create the best growing conditions, working collectively as one team with regards to the key factors of fish health, stocking regimes and sea lice management,” commented Jim Gallagher, managing director at Scottish Sea Farms. “This, in turn, will enable us to offer customers a more secure and stable supply of premium quality Scottish farmed salmon.”

It is anticipated that the acquisition, which will be financed with 100 per cent cash consideration from Scottish Sea Farms, will complete as early as year-end.