Norway-based salmon farmer SalMar ASA said today that it had agreed to sell its 72% stake in aquaculture service company Frøy ASA to Falcon Bidco AS, a company indirectly wholly owned by infrastructure funds managed by Goldman Sachs Asset Management. Falcon Bidco will make a cash offer for the remaining shares, effectively valuing Frøy at NOK 6.6bn. The transaction is subject to approval from relevant competition authorities and is expected to be completed in the third quarter of 2023.
In our 2023 forecast for SalMar, we initially assumed asset sales amounting to NOK 5.5bn, of which we expected NOK 4.0bn to come from the sale of Frøy. While the sale will contribute NOK 0.8bn more than we originally expected, other sales have not yet been announced. In our view, today's announcement reduces short-term uncertainty about SalMar's capital structure, which we see as positive.
This commentary does not constitute a rating action.
Contacts:
Geir Kristiansen, analyst, +4790784593, geir.kristiansen@nordiccreditrating.com
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com