P/F Bakkafrost (OB:BAKKA) signed a binding agreement to acquire 68.6% stake in The Scottish Salmon Company PLC (OB:SSC) from Northern Link Limited for NOK 3.8 billion on September 25, 2019. The shares will be purchased on a tender price of NOK 28.25 per share. In a related transaction, P/F Bakkafrost (OB:BAKKA) made a mandatory tender offer to acquire a 31.4% stake in The Scottish Salmon Company PLC (OB:SSC). If the transaction is completed, this will trigger a Mandatory Tender Offer for the remaining 31.4% stake. The transaction will be funded via a mix of debt and equity, including an accelerated book build offering of approximately 15% of share capital and a directed share issuance of approximately 5% of share capital to Northern Link Ltd and will use an additional debt facility to fund the acquisition of potentially up to 100% of the outstanding shares in The Scottish Salmon Company. Goldman Sachs International, DNB ASA and Nordea Bank Abp acted as financial advisors to P/F Bakkafrost and DC Advisory acted as financial advisor to The Scottish Salmon Company PLC. Aabø-Evensen & Co Advokatfirma AS and CMS acted as legal advisors to SSC.

P/F Bakkafrost (OB:BAKKA) completed the acquisition of a 68.6% stake in The Scottish Salmon Company PLC (OB:SSC) from Northern Link Limited on October 8, 2019. As a result of the completion of the acquisition, Bakkafrost now owns 150.97 million shares in SSC, representing approximately 77.8% shares. 70% of the purchase price due to Northern Link was settled in cash on October 8, 2019. The remaining 30% (being NOK 1.13 billion) has been financed by a seller's credit. Subject to the Bakkafrost's extraordinary general meeting called for on October 18, 2019 resolving to grant the Bakkafrost's board authority to issue further shares in the Company, the seller's credit will be settled through the issue of 2.25 million new shares in Bakkafrost. The seller's credit will be settled in cash if the general meeting does not grant the board such authority. Bakkafrost will, on the terms of the Securities Trading Act, make a mandatory cash offer for the remaining shares in SSC. The formal offer is expected to be launched no later than October 31, 2019.